Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver February 1, 2019

USDCAD spot rate: 1.3098 - 1.3103 (as at 8:01am PST)

Ranges:

Asia:

1.3123

to

1.3156

Europe:

1.3137

to

1.3160

North America:

1.3084

to

1.3145

Technical Support / Resistance:

S2

S1

R1

R2

1.3050

1.3085

1.3160

1.3210

Key Economic Data Releases:

- Canada Markit manufacturing index: 53.0 (prev 53.6)

- U.S. non-farm payrolls: 304,000 (exp 165,000 / prev 222,000 *revised lower from 312,000)

- U.S. unemployment rate: 4.0% (exp 3.9% / prev 3.9%)

- U.S. avg hourly earnings m/m: 0.1% (exp 0.3% / prev 0.4%) y/y: 3.2% (exp 3.2% / prev 3.3%)

- U.S. ISM manufacturing index: 56.6 (exp 54.2 / prev 54.3)

- U.S. consumer sentiment index: 91.2 (exp 90.8 / prev 90.7)

Event Calendar:

Date

Canada

U.S.A.

Feb 4

Feb 5

Feb 6

Feb 7

Feb 8

Int'l merchandise trade

Housing starts, Ivey PMI

Net employment change

Trade balance, factory orders

Non-manufacturing PMI

Unit labour costs, non-farm productivity

Consumer sentiment index

Yesterday, USDCAD dropped from 1.3150 down to 1.3120 before climbing back to 1.3165 ahead of the Canadian November GDP report, which met expectations. The pairing subsequently moved back to hold near 1.3130 for the balance of the session despite oil prices falling 3% after reaching $55.48 – the highest level since Nov. 21. USDCAD climbed to 1.3160 overnight on the back of some weaker than expected data out of China before returning to 1.3130 ahead of the U.S. jobs report. The results were mixed (stronger headline but large negative revision and weak wage inflation) ultimately sending USDCAD down 1.3108. After a bounce to 1.3135, the pairing has fallen to 1.3084 – the lowest level since Nov. 7th. Currently, the TSX is unchanged while the DJIA is up 0.45%. EURCAD is down 0.23% trading between 1.4987 and 1.5083 – near 2 month lows. GBPCAD is down 0.50% trading between 1.7116 and 1.7249 – near 2 week lows. JPYCAD is down 0.83% trading between 0.01195 and 0.01208 – near 6 week lows. Gold is unchanged trading between $1,316 and $1,324USD/oz – near 9 month highs, silver is down 0.50% trading between $15.91 and $16.07USD/oz – near 7 month highs, while oil is up 1% trading between $53.53 and $54.74 – near 2 month highs.

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

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