Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 8, 2018

USDCAD spot rate: 1.2965 - 1.2970 (as at 7:58am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: -7,500 (exp 17,500 / prev -1,100)

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

- Canada full time employment: -31,000 (exp 15,000 / prev 30,000)

- Canada hourly earnings y/y: 3.9% (exp 3.2% / prev 3.3%)

- Canada housing starts: 196,000 (exp 218,000 / prev 217,000)

Event Calendar:

Yesterday, USDCAD climbed to 1.2969 before falling to 1.2933. The pairing then climbed to 1.30 before easing back to 1.2970 in late trade. Overnight, risk aversion flows took USDCAD up to 1.3030 before falling back to 1.2980 ahead of the Canadian employment report. The headline data missed estimates resulting in a quick spike to 1.3042. However wage growth was much higher than expected sending USDCAD down to 1.2970. A couple of subsequent rallies stalled just over 1.30 and the pairing has since fallen to session lows at 1.2949. North American markets have recovered the bulk of overnight losses as the G7 Summit gets underway. The CAD has also recovered earlier losses and is now the best performing currency on the day. Currently, the TSX and the DJIA are marginally lower, having recouped earlier losses. EURCAD is down 0.40% trading between 1.5246 and 1.5340 – near 1 month highs. GBPCAD is down 0.35% trading between 1.7344 and 1.7481 – near 3 week highs. JPYCAD is down 0.30% trading between 0.01180 and 0.01192 – near 2 month highs. Gold is unchanged trading between $1,292 and $1,300USD/oz., silver is down 0.21% trading between $16.62 and $16.83USD/oz., while oil is up 0.27% trading between $65.47 and $66.24.

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