USDCAD spot rate: 1.3185 - 1.3190 (as at 7:32am PST)
Technical Support / Resistance:
Key Economic Data Releases:
- Canada net employment change: -31,200 (exp. 10,000/prev -700)
- Canada unemployment rate: 6.9% (exp. 6.9%/prev. 6.8% )
- Canada trade balance: -$3.63 billion (exp. -$2.82billion/prev -$3.5 billion)
- Canada Ivey PMI: 57.0 (exp. 50.9)
- U.S. Non-farm payrolls: 255,000 (exp. 180,000/prev 292,000)
- U.S. unemployment rate: 4.9% (exp. 4.8%/prev 4.9%)
- U.S. average hourly earnings: 0.3% (exp. 0.2%/prev 0.1%)
- U.S. trade balance: -$44.51 billion (exp. -$43.1 billion/prev -$40.96 billion)
Key Event Calendar:
Date Canada U.S.A.
Aug 8
Aug 9
Aug 10
Aug 11
Aug 12
Building permits
Housing starts
New housing price index
Non-farm productivity, unit labor costs
Crude oil inventories
Retail sales, producer price index
Yesterday, USDCAD dipped from 1.3070 down to 1.3035 before bouncing to 1.3091. The pairing then
eased to 1.30 where it found support for the 3rd time since last Friday, and bounced to 1.3035 late in the
day. There was little action overnight ahead of the U.S. and Canadian jobs report. U.S. data beating
expectations with a very strong data set while Canadian data came in well below expectations. There were
71,400 full time job losses in July on top of the 40,100 losses from June. USDCAD surged from 1.3014 up
to 1.3150 within minutes before a quick correction down to 1.3120. The next wave of CAD selling took
USDCAD up to 1.3194 before easing to 1.3170. Currently, the TSX and the DJIA are up 0.56% and 0.81%
respectively. EURCAD is up 0.75% trading between 1.4489 and 1.4602. GBPCAD is up 0.60% trading
between 1.7072 and 1.7229. JPYCAD is up 0.75% trading between 0.01285 and 0.01297. Gold is down
1.61% trading between $1,337 and $1,365USD/oz., silver is down 3% trading between $19.77 and
$20.43USD/oz., while oil is down 1% trading between $41.28 and $42.07.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve,
CNBC, Forexlive