Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver March 9, 2018

USDCAD spot rate: 1.2840 - 1.2845 (as at 8:07am PST)

Ranges:

Asia:

1.2890

to

1.2910

Europe:

1.2863

to

1.2899

North America:

1.2822

to

1.2895

Technical Support / Resistance:

S2

S1

R1

R2

1.2750

1.2820

1.2875

1.2915

Key Economic Data Releases:

- Canada net employment change: 15,400 (exp 20,000 / prev -88,000)

- Canada unemployment rate: 5.8% (exp 5.9% / prev 5.9%)

- U.S. non-farm payrolls: 313,000 (exp 200,000 / prev 239,000)

- U.S. unemployment rate: 4.1% (exp 4.0% / prev 4.1%)

- U.S. average hourly earnings m/m: 0.1% (exp 0.2%/prev 0.3%) y/y: 2.6% (exp 2.8%/prev 2.8%)

Event Calendar:

Date

Canada

U.S.A.

Mar. 12

Mar. 13

Mar. 14

Mar. 15

Mar. 16

Manufacturing shipments

CPI

Retail sales, PPI

Philadelphia Fed manufacturing index

Housing starts, building permits, industrial production, consumer sentiment

Yesterday, USDCAD dipped from 1.2910 to 1.2865 before climbing to 1.2962. Once news broke that Canada would be exempt from the steel and aluminum tariffs, (albeit for an undetermined period of time) USDCAD dropped to 1.2885. Overnight, positive market risk climbed as North Korea expressed interest in meeting Trump to discuss denuclearization. USDCAD eased from 1.2910 down to 1.2865 ahead of the North American employment reports. Canada had mixed results while the U.S. had strong headline data adding the largest number of jobs in 2 years. However the market was concerned with the weak U.S. wage inflation and the USD broadly weakened taking USDCAD down to a 1.2822 – a 1 week low. Bounces have been limited to 1.2875 while there have been a few subsequent tests of session lows near 1.2822/27. Currently, the TSX and the DJIA are up 0.20% and 1% respectively. EURCAD is down 0.50% trading between 1.5890 and 1.5750. GBPCAD is unchanged trading between 1.7735 and 1.7844. JPYCAD is down 1% trading between 0.01198 and 0.01212. Gold is up 0.10% trading between $1,312 and $1,324USD/oz., silver is up 0.85% trading between $16.34 and $16.65USD/oz., while oil is up 1.66% trading between $60.14 and $61.27.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group

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