Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver September 7, 2018

USDCAD spot rate: 1.3147 - 1.3152 (as at 7:41am PST)

Ranges:

Asia:

1.3111

to

1.3168

Europe:

1.3118

to

1.3148

North America:

1.3108

to

1.3184

Technical Support / Resistance:

S2

S1

R1

R2

1.3020

1.3110

1.3180

1.3225

Key Economic Data Releases:

- Canada net employment change: -51,600 (exp 5,000 / prev 54,100)

- Canada unemployment rate: 6% (exp 5.9% / prev 5.8%)

- Canada hourly earnings permanent employees: 2.6% (exp 3.0% / prev 3.0%)

- Canada Ivey purchasing managers index: 61.9 (exp 61.4 / prev 61.8)

- U.S. non-farm payrolls: 201,000 (exp 191,000 / prev 147,000)

- U.S. unemployment rate: 3.9% (exp 3.8% / prev 3.9%)

- U.S. avg hourly earnings m/m: 0.4% (exp 0.2% / prev 0.3%) y/y: 2.9% (exp 2.7% / prev 2.7%)

Event Calendar:

Date

Canada

U.S.A.

Sept 10

Sept 11

Sept 12

Sept 13

Sept 14

Housing starts

New housing price index

Producer price index

CPI

Retail sales, industrial production

Yesterday, USDCAD initially climbed from 1.3170 up to 1.3227 – the 8th consecutive day of gains and the highest since July 20th. The trend abruptly changed in the early afternoon after hawkish comments from the Bank of Canada Deputy Governor Wilkins. USDCAD dropped to 1.3128 – a 3 day low, and then held a 1.3135/1.3155 range for the balance of the session. The pairing continued lower overnight and was trading near session lows at 1.3108 heading into this morning's employment report. The U.S. report was stronger than expected with a jump in wage inflation offsetting a 50,000 negative revision to prior data. Canada's headline figures were poor sending USDCAD up to session highs at 1.3184. The move higher was short-lived as the pairing has since fallen back to 1.3128. Despite the poor headline data, Canada did add 40,000 full-time jobs. The market now awaits headlines on the long-awaited NAFTA agreement. Trump was reportedly confident on an agreement in comments last night. Currently, the TSX and the DJIA are down 0.34% and 0.20% respectively. EURCAD is down 0.40% trading between 1.5204 and 1.5304 – near 6 week highs. GBPCAD is up 0.26% trading between 1.6951 and 1.7124 – near 1 month highs. JPYCAD is down 0.40% trading between 0.01181 and 0.01190 – near 5 month highs. Gold is down 0.13% trading between $1,193 and $1,204USD/oz., silver is up 0.60% trading between $14.07 and $14.24USD/oz., while oil is down 1% trading between $66.84 and $68.06 – near 2 week lows.

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

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