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

USDCAD spot rate: 1.3280 - 1.3285 (as at 7:51am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: 94,100 (exp 11,000 / prev 11,200)

- Canada unemployment rate: 5.6% (exp 5.8% / prev 5.8%)

- Canada hourly earnings (permanent employees): 1.5% (exp 1.8% / prev 1.9%)

- U.S. non-farm payrolls: 155,000 (exp 200,000 / prev 237,000)

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

- U.S. avg. hourly earnings m/m: 0.2% (exp 0.3% / prev 0.1%) y/y: 3.1% (exp 3.1% / prev 3.1%)

- U.S. consumer sentiment: 97.5 (exp 97.0 / prev 97.5)

Event Calendar:

Yesterday, USDCAD climbed from 1.3253 up to 1.3444 – erasing the gains from Monday after Wednesday's dovish slant to the Bank of Canada interest rate policy statement. Combined with another large decline in global equity markets, USDCAD was briefly propelled to new 17 month highs before falling back to 1.3370 as equity markets recovered. The pairing dropped sharply this morning on the combination of an exceptionally strong Canadian jobs report, a weaker than expected U.S. report, and a commitment by OPEC to cut oil production by 3% (with exceptions given to Iran, Venezuela, and Libya). Canada saw the single largest monthly employment gain ever including nearly 90,000 full time jobs. The unemployment rate fell to a 40+ year low. USDCAD dropped from 1.3390 down to 1.3254 with rebounds capped at 1.3310 thus far. The oil production cuts have oil gaining nearly 5% on the day and trading near 3 week highs. Currently, the TSX is up 0.20% while the DJIA is down 0.60%. EURCAD is down 0.70% from 4 month highs trading between 1.5099 and 1.5254. GBPCAD is down 1.12% from 3 week highs trading between 1.6901 and 1.7130. JPYCAD is down 0.75% from 3 month highs trading between 0.01176 and 0.01188. Gold is up 0.57% trading between $1,228 and $1,247USD/oz – near 5 month highs, silver is up 0.75% trading between $14.43 and $14.62USD/oz., while oil is up nearly 5% trading between $50.57 and $54.16 – near 2 week highs.

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