Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver February 8, 2019

USDCAD spot rate: 1.3265 - 1.3270 (as at 7:51am PST)

Ranges:

Asia:

1.3298

to

1.3330

Europe:

1.3308

to

1.3325

North America:

1.3232

to

1.3311

Technical Support / Resistance:

S2

S1

R1

R2

1.3175

1.3230

1.3330

1.3370

Key Economic Data Releases:

- Canada net employment change: 66,800 (exp 8,000 / prev 9,300)

- Canada unemployment rate: 5.8% (exp 5.7% / prev 5.6%)

- Canada average hourly wages y/y: 1.82% (prev 1.49%)

- Canada housing starts: 208,000 (exp 205,000 / prev 213,600)

Event Calendar:

Date

Canada

U.S.A.

Feb 11

Feb 12

Feb 13

Feb 14

Feb 15

Int'l merchandise trade

Manufacturing shipments

Consumer price index

Retail sales, producer price index

Industrial production, consumer sentiment index

Yesterday, the CAD weakened for the 4th consecutive day taking USDCAD from 1.3201 up to 1.3317 – the highest level since Jan. 25th and more than two cents higher than last Friday's 3 month low of 1.3069. Coincidentally, oil prices were down nearly 3% on the day towards 3 week lows. Also, the USD index was higher testing the 2019 high. USDCAD tested 1.3330 overnight before falling to 1.3232 this morning after a surprisingly strong Canadian jobs report. Over 30,000 full time jobs were created in January while Canada has outpaced the U.S. in job growth by nearly a 2-1 margin over the past 5 months. After declining the past four days, the CAD is the best performing currency on the day despite global equity markets under pressure again. There seems to be little progress being made to improve U.S. / China trade relations. USDCAD has since rebounded and holding a 1.3260 – 1.3280 range. Currently, the TSX and the DJIA are both lower for the 2nd consecutive day – down 0.64% and 1% respectively. EURCAD is down 0.35% trading between 1.5015 and 1.5113 – near 2 month lows. GBPCAD is down 0.25% trading between 1.7157 and 1.7274. JPYCAD is down 0.15% trading between 0.01204 and 0.01215 – near 2 week highs. Gold is up 0.30% trading between $1,300 and $1,315USD/oz – near 9 month highs, silver is up 0.12% trading between $15.55 and $15.86USD/oz – near 7 month highs, while oil is up 0.37% trading between $52.37 and $53.28 – near 3 week lows.

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

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