Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 11, 2018

USDCAD spot rate: 1.2782 - 1.2787 (as at 8:06am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: -1,100 (exp 20,000 / prev 32,300)

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

- Canada average hourly earnings: 3.3% (exp 3.2% / prev 3.1%)

- U.S. consumer sentiment index: 98.8 (exp. 98.3 / prev 98.8)

Event Calendar:

Yesterday, USDCAD initially fell from 1.2850 down to 1.2738 before climbing to 1.2815. The pairing then eased back to 1.2753 and held near 1.2760/70 for the balance of the session. Overnight, USDCAD pushed lower on the back of continued broad-based USD weakness, marginally breaking yesterday's low to post a new 3 week low at 1.2727. Canada's headline employment data missed estimates (a loss of 1,100 jobs vs expected gain of 20,000) sending USDCAD up to 1.2780. The pairing dropped back to 1.2750 as the details within the report were still very good: unemployment rate continues to hold near 40 year lows, 28,800 full-time jobs gained, and wage inflation rising at the fastest pace since 2012. USDCAD has since climbed to session highs @ 1.2795 with pull backs limited to 1.2780. As the London session comes to a close, the USD has been broadly bid over the past 2 hours recovering a portion of its overnight losses. Although the CAD is the worst performing currency today, overall, it is the top performer on the week. Currently, the TSX and the DJIA are up 0.31% and 0.44% respectively. EURCAD is up 0.40% trading between 1.5170 and 1.5287 – near 4 month lows. GBPCAD is up 0.40% trading between 1.7224 and 1.7352 – near 4 month lows. JPYCAD is up 0.20% trading between 0.01164 and 0.01169 – near 3 month lows. Gold is unchanged trading between $1,318 and $1,326USD/oz., silver is unchanged trading between $16.67 and $16.83USD/oz., while oil holds near 3.5 year highs, down 0.21% trading between $71.01 and $71.60.

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