Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver May 3, 2019

USDCAD spot rate: 1.3415 - 1.3420 (as at 7:47am PST)

Ranges:

Asia:

1.3462

to

1.3474

Europe:

1.3458

to

1.3478

North America:

1.3407

to

1.3490

Technical Support / Resistance:

S2

S1

R1

R2

1.3330

1.3380

1.3480

1.3520

Key Economic Data Releases:

- U.S. non-farm payrolls: 263,000 (exp 185,000 / prev 189,000)

- U.S. unemployment rate: 3.6% (exp 3.8% / prev 3.8%)

- U.S. average hourly earnings m/m: 0.2% (exp 0.3%/prev 0.2%) y/y: 3.2% (exp 3.3%/prev 3.2%)

- U.S. ISM non-manufacturing index: 55.5 (exp 57.0 / prev 56.1)

- U.S. Markit services PMI: 53.0 (exp 52.9 / prev 55.3)

Event Calendar:

Date

Canada

U.S.A.

May 6

May 7

May 8

May 9

May 10

Ivey purchasing managers index

Housing starts

Int'l merchandise trade

Net employment change, % rate, average hourly wages, bldg. permits

Producer price index, trade balance

CPI

Yesterday, USDCAD climbed from 1.3435 up to 1.3475 before falling back to 1.3445. The pairing then eased higher to hold near 1.3460/70 for the balance of the session – just below the weekly high of 1.3481. Today, USDCAD quickly spiked from 1.3465 up to 1.3490 after the 5:30am release of the U.S. jobs data. Monday's 1.3481 high was marginally beaten but the trend quickly reversed as the USD broadly weakened. Although headline data looked surprisingly strong, other details suggest otherwise. Factoring in a 0.2% decline in the labour participation rate, the unemployment rate was essentially unchanged. Despite the large gain in jobs, wage inflation was unchanged (giving the Fed less of a reason to raise interest rates). USDCAD has fallen below yesterday's low at 1.3435 to 1.3407 - the next target is the weekly low of 1.3375. The pairing has since bounced to 1.3427 and fallen back towards 1.3410. Currently, the TSX and the DJIA are up 0.30% and 0.41% respectively near historical highs. EURCAD is down 0.33% trading between 1.4986 and 1.5067 – near 2 month lows. GBPCAD is down 0.10% trading between 1.7497 and 1.7567 – near 1 month highs. JPYCAD is down 0.25% trading between 0.01204 and 0.01210 – near a 1 month high. Gold is up 0.80% trading between $1,268 and $1,288USD/oz, silver is up 2% trading between $14.48 and $14.94USD/oz – both bouncing off a 4 month low, while oil (WTI crude) is up 1.30% trading between $61.35 and $62.41 – recovering from yesterday's 1 month low.

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

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