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

USDCAD spot rate: 1.3424 - 1.3429 (as at 8:25am PST)

Ranges:

Asia:

1.3443

to

1.3462

Europe:

1.3445

to

1.3466

North America:

1.3390

to

1.3460

Technical Support / Resistance:

S2

S1

R1

R2

1.3300

1.3390

1.3460

1.3515

Key Economic Data Releases:

- Canada net employment change: 55,900 (exp 0 / prev 66,800)

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

- Canada hourly wages: 2.25% (exp 1.7% / prev 1.82%)

- U.S. non-farm payrolls: 20,000 (exp 180,000 / prev 311,000)

- U.S. unemployment rate: 3.8% (exp 3.9% / prev 4.0%)

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

- U.S. avg hourly earnings y/y: 3.4% (exp 3.3% / prev 3.1%)

- U.S. housing starts: 1.23 million (exp 1.197 million / prev 1.037 million)

- U.S. building permits: 1.345 million (exp 1.289 million / prev 1.326 million)

Event Calendar:

Date

Canada

U.S.A.

Mar 11

Mar 12

Mar 13

Mar 14

Mar 15

New housing price index

Manufacturing shipments

Retail sales

CPI

Durable goods orders, producer price index

New home sales

Industrial production, consumer sentiment

Yesterday, USDCAD traded between 1.3413 – 1.3467 as the USD and JPY outperformed on the back of weak China trade data and dovish European central bank comments. USDCAD declined from 1.3460 down to 1.3390 this morning on the back of a stronger Canadian jobs report that saw 67,400 full time jobs added and a rise in wages. U.S. headline data was surprisingly weak but other details within the report helped stabilize the USD. Equity markets and oil prices are lower on the day while U.S. 10 year yields have fallen to 2.60% - near 1 year lows. USDCAD did bounce back to 1.3445 but has since declined to 1.3419. Currently, the TSX and the DJIA are down 0.58% and 0.45% respectively. EURCAD is up 0.25% trading between 1.5029 and 1.5108 – near 1 week lows. GBPCAD is down 0.67% trading between 1.7469 and 1.7639 – near 1 week lows. JPYCAD is up 0.17% trading between 0.01204 and 0.01213 – near 1 month highs. Gold is up 1.1% trading between $1,280 and $1,300USD/oz – rebounding from 6 week lows, silver is up 2.2% trading between $14.90 and $15.37USD/oz – rebounding from 2 month lows, while oil is down 2.6% trading between $54.79 and $56.76 – 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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