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

USDCAD spot rate: 1.3080 - 1.3085 (as at 8:05am PST)

Ranges:

Asia:

1.3040

to

1.3087

Europe:

1.3075

to

1.3124

North America:

1.3040

to

1.3113

Technical Support / Resistance:

S2

S1

R1

R2

1.3000

1.3040

1.3120

1.3170

Key Economic Data Releases:

- Canada net employment change: 54,100 (exp 17,000 / prev 31,800)

- Canada unemployment rate: 5.8% (exp 5.9% / 6.0%)

- Canada avg. hourly earnings y/y: 3.0% (prev 3.5%)

- U.S. CPI m/m: 0.2% (exp 0.2% / prev 0.1%) y/y: 2.9% (exp 3.0% / prev 2.9%)

- U.S. CPI ex food & energy m/m: 0.2% (exp 0.2% / prev 0.2%) y/y: 2.4%(exp 2.3% / prev 2.3%)

Event Calendar:

Date

Canada

U.S.A.

Aug 13

Aug 14

Aug 15

Aug 16

Aug 17

Manufacturing shipments

CPI, net int'l securities transactions

Retail sales, industrial production

Housing starts, building permits

Consumer sentiment index

Yesterday, USDCAD initially dropped from 1.3030 down to 1.2997 before climbing to 1.3065. The pairing then dropped to hold a 1.3030 – 1.3050 range for the balance of the session. Overnight, the Turkish Lira sell-off continued spilling over into equity and currency markets. The Turkish Lira has fallen 20% today alone – 50% over the past month to historic lows against the USD. The USD index surged to a 13 month high while concerns the currency crisis will have great impact on banks in the Eurozone has the EUR trading near 1 year lows against the USD / 7 month lows against the CAD. USDCAD climbed to 1.3124 before falling back to 1.3080 ahead of the Canadian employment and U.S. inflation reports. Canada added 54,100 jobs while the unemployment rate dropped towards 40+ year lows @ 5.8%. U.S. inflation data was flat while the earnings component was soft. USDCAD dropped to 1.3040 but quickly climbed back as Canada shed 28,000 full-time jobs / added 82,000 part-time jobs in July. USDCAD has since tested 1.3113 and fallen back to 1.3075 as volatility remains elevated. Currently, the TSX and the DJIA are both down roughly 0.75%. EURCAD is down 0.55% trading between 1.4925 and 1.5051 – near 7 month lows. GBPCAD is down 0.12% trading between 1.6639 and 1.6765 – near 9 month lows. JPYCAD is up 0.58% trading between 0.01173 and 0.01185 – near a 1 month high. Gold is up 0.35% trading between $1,205 and $1,217USD/oz., silver is down 0.24% trading between $15.31 and $15.44USD/oz., while oil is up 1.40% trading between $66.17 and $67.68.

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

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