USDCAD spot rate: 1.3255 - 1.3260 (as at 8:15am PST)
Technical Support / Resistance:
Key Economic Data Releases:
- U.S. Philadelphia Fed manufacturing survey: 25.7 (exp 22.0 / prev 19.9)
- U.S. initial jobless claims: 207,000 (exp 220,000/ prev 215,000)
- U.S. leading index: 0.5% (exp 0.4% / prev 0.2%)
Date Canada U.S.A.
Retail sales, CPI
Existing home sales
Market manufacturing / services PMI
New home sales, crude oil inventory change
Durable goods orders
GDP Q2, Core PCE, consumer sentiment
Yesterday, USDCAD climbed from 1.3195 up to 1.3261 before falling to 1.3160. The broad-based USD strength witnessed in the Asian and London sessions was erased during yesterday's North American session. USD weakness continued in Asian trade today on the back of much stronger than expected Australian job gains (+50,900 vs. exp 17,000). USDCAD dipped from 1.3180 down to 1.3157 accordingly. The trend changed sharply heading into the London session with broad-based USD strength taking USDCAD back up to 1.3246. A combination of weak UK retail sales data and upbeat U.S. data (jobless claims data near a 50 year low) has the USD holding gains into the North American session this morning. USDCAD has re-tested yesterday's 1.3260 high followed by a pull-back to 1.3225 as oil prices surged $2 to $70/barrel on comments from Saudi Arabia that they do not intend to boost supply levels this month while planning to decrease supply in August. USDCAD has since bounced back to session highs. Currently, the TSX is up 0.50% while the DJIA is down 0.26%. EURCAD is up 0.40% trading between 1.5310 and 1.5403 – near 2 week lows. GBPCAD is up 0.10% trading between 1.7169 and 1.7244 – near 2 month lows. JPYCAD is up 0.70% trading between 0.01166 and 0.01175 – near 2 month lows. Gold is down 0.80% trading between $1,211 and $1,228USD/oz., silver is down 1.70% trading between $15.17 and $15.57USD/oz., while oil is up 1.50% trading between $67.89 and $70.13 – near 1 week highs.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive, CME Group