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


VBCE Daily Foreign Exchange Update for Friday, May 9, 2019

USDCAD spot rate: 1.3430 - 1.3435 (as at 8:06am PST)

Ranges:

Asia:

1.3435

to

1.3480

Europe:

1.3447

to

1.3480

North America:

1.3380

to

1.3480

Technical Support / Resistance:

S2

S1

R1

R2

1.3330

1.3380

1.3480

1.3520

Key Economic Data Releases:

- Canada net employment change: 106,500 (exp 10,000 / prev -7,200)

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

- Canada average hourly wages y/y: 2.6% (prev 2.3%)

- Canada building permits: 2.1% (exp 2.8% / prev -5.1%)

- U.S. CPI m/m: 0.3% (exp 0.4% / prev 0.4%) y/y: 2.0% (exp 2.1% / prev 1.9%)

- U.S. CPI ex food/energy m/m: 0.1% (exp 0.2% / prev 0.1%) y/y: 2.1% (exp 2.1% / prev 2.0%)

Event Calendar:

Date

Canada

U.S.A.

May 13

May 14

May 15

May 16

May 17

Bank of Canada Lane speech

CPI

Manufacturing shipments

Retail sales, industrial production

Housing starts, jobless claims

Consumer sentiment index

Yesterday, USDCAD climbed from 1.3470 up to 1.3505 before falling back to 1.3459 as North American equity markets pared back heavy losses and the USD broadly declined. USD declines continued into the Asian session where progress reports on U.S. / China trade talks saw global equity markets move higher and the USD move lower. USDCAD dropped to 1.3435 before climbing back towards 1.3480 ahead of the Canadian jobs report and U.S. inflation report. Canada added a staggering 106,500 jobs in April of which 73,000 were full-time. The unemployment rate declined while participation and wages both rose. U.S. inflation was essentially flat and the USD broadly declined with the USD index falling to a 3 week low. USDCAD also declined towards a 3 week low @ 1.3380. The pairing has since bounced to 1.3440 as North American equity markets come under pressure – the DJIA is down 300+ pts and is down about 1,000 pts this week as another round of U.S. tariffs on China goods went into effect last night. Currently, the TSX and the DJIA are down 1.10% and 1.34% respectively. EURCAD is down 0.15% trading between 1.5044 and 1.5142 – near 3 week highs. GBPCAD is down 0.20% trading between 1.7427 and 1.7561 – near 2 week lows. JPYCAD is down 0.20% trading between 0.01219 and 0.01228 – near a 4 month high. Gold is up 0.28% trading between $1,283 and $1,289USD/oz - near a 1 month high, silver is unchanged trading between $14.48 and $14.84USD/oz, while oil (WTI crude) is unchanged trading between $61.52 and $62.57 – near 6 week lows.

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

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