Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver April 5, 2019

VBCE Daily Foreign Exchange Update for Friday, April 5, 2019

USDCAD spot rate: 1.3385 - 1.3390 (as at 8:36am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: -7,200 (exp 1,000 / prev 55,900)

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

- Canada average hourly wages: 2.32% (prev 2.25%)

- U.S. non-farm payrolls: 196,000 (exp 180,000 / prev 33,000)

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

- U.S. average hourly earnings m/m: 0.1% (exp 0.3%/prev 0.4%) y/y: 3.2% (exp 3.4%/prev 3.4%)

Event Calendar:

Yesterday, USDCAD held a narrow 1.3343 – 1.3373 range – just below the weekly high and broken support level from last week. The pairing broke above the weekly high to 1.3386 ahead of this morning's release of the Canadian and U.S. jobs report. USDCAD initially dropped to 1.3358 before bouncing to 1.3403. The pairing has since moved back down to 1.3367 and bounced to 1.3385. The jobs data was mixed (U.S. recovered in the headline numbers but wage inflation was weak while Canada saw a minor loss after very strong gains previously while wage inflation climbed). The GBP initially gained on the day on reports that European Council president Tusk was proposing a 12 month Brexit extension. UK PM May later requested a Brexit extension to June 30^th. The GBP has subsequently declined and is the worst performing currency on the day. Currently, the TSX and the DJIA are higher on the day by about 0.40% - near 6 month highs. EURCAD is unchanged trading between 1.4984 and 1.5061 – near 1 week highs. GBPCAD is down 0.35% trading between 1.7392 and 1.7529 – near 6 week lows. JPYCAD is unchanged trading between 0.01196 and 0.01198 – near 1 month lows. Gold is unchanged trading between $1,284 and $1,294USD/oz, silver is unchanged trading between $15.07 and $15.21USD/oz, both near 1 month lows. Oil (WTI crude) is up 0.50% trading between $61.88 and $62.69 – near 5 month highs.

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