Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver November 2, 2018

USDCAD spot rate: 1.3102 - 1.3107 (as at 8:03am PST)










North America:




Technical Support / Resistance:









Key Economic Data Releases:

- Canada net employment change: 11,200 (exp 10,000 / prev 63,300)

- Canada full time employment: 33,900 (exp 20,000 / prev -16,900)

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

- Canada hourly earnings permanent employees y/y: 1.9% (exp 2.3% / prev 2.2%)

- Canada international merchandise trade: -$0.42 billion (exp $0.15 billion / prev -$0.55 billion)

- U.S. non-farm payrolls: 250,000 (exp 190,000 / prev 118,000)

- U.S. unemployment rate: 3.7% (exp 3.7% / prev 3.7%)

- U.S. avg hourly earnings m/m: 0.2% (exp 0.2% / prev 0.3%) y/y: 3.1% (exp 3.1% / prev 2.8%)

- U.S. trade balance: -$54.0 billion (exp -$53.6 billion / prev -$53.3 billion )

Event Calendar:




Nov 5

Nov 6

Nov 7

Nov 8

Nov 9

Building permits

Ivey purchasing managers index

Housing starts

Market services / ISM non-manufacturing index

Fed interest rate decision

Producer price index

Yesterday, USDCAD dropped from 1.3170 (6 week high) down to 1.3070 (1 week low) before climbing to 1.3115. The pairing then held a 1.3082-97 range for the balance of the session in which the USD broadly weakened across the board as global equity markets surged. Overnight, reports that the U.S. was looking for a trade deal with China further boosted global equity markets with the positive market sentiment broadly weakening the USD. The broad USD index fell to an 8 session low after having hit a 14 month high on Wednesday and USDCAD dropped from 1.3100 down to 1.3048 – a 7 day low. The pairing recovered to 1.3070 ahead of the jobs report. Canadian data was mixed with solid full-time gains overshadowed by another decline in wage inflation. U.S. headline data beat estimates while the unemployment rate and wage inflation met estimates. Also, Canada's trade surplus for August ($0.53 billion) was revised to a trade deficit of $0.55 billion. The USD recovered its overnight losses taking USDCAD up to session highs at 1.3111. The pairing has been relatively stable in a 1.3095 – 1.3112 range since despite U.S. equity markets falling into negative territory on reports that the U.S. is far from a trade agreement with China. Also, oil prices have fallen to 7 month lows (Oil was near 4 year highs and 20% higher in early October) on reports that some countries will be exempt from U.S. oil sanctions on Iran. Currently, the TSX is unchanged while the DJIA is down 0.14% having fallen nearly 300 pts from the overnight highs. EURCAD is up 0.25% trading between 1.4909 and 1.4982 – near 1 week highs. GBPCAD is unchanged trading between 1.6972 and 1.7041 – near 1 week highs. JPYCAD is unchanged trading between 0.01154 and 0.01162. Gold is unchanged trading between $1,229 and $1,236USD/oz., silver is up 0.58% trading between $14.62 and $14.91USD/oz., while oil is down 0.70% trading between $62.97 and $63.92 – near 7 month lows.

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


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