USDCAD spot rate: 1.3520 - 1.3525 (as at 8:12am PST)
Ranges: | Asia: | 1.3492 | to | 1.3543 |
Europe: | 1.3524 | to | 1.3565 | |
North America: | 1.3508 | to | 1.3561 |
Technical Support / Resistance:
S2 | S1 | R1 | R2 |
1.3430 | 1.3480 | 1.3565 | 1.3650 |
Key Economic Data Releases:
- Canada GDP (March): 0.5% (exp 0.3% / prev -0.2%) y/y: 1.4% (exp 1.2%)
- Canada GDP Q1 annualized: 0.4% (exp 0.7% / prev 0.3%)
- U.S. personal income: 0.5% (exp 0.3% / prev 0.1%) spending: 0.3% (exp 0.2% / prev 1.1%)
- U.S. core personal consumption expenditure price index y/y: 1.6% (exp 1.6% / prev 1.5%)
- U.S. Chicago purchasing managers index: 54.2 (exp 53.7 / prev 52.6)
- U.S. consumer sentiment index: 100 (exp 101.5 / prev 102.4)
Event Calendar:
Date | Canada | U.S.A. |
June 3 June 4 June 5 June 6 June 7 | Markit manufacturing PMI Int'l merchandise trade, Ivey PMI Net employment change, unemployment %, Avg hourly wages | ISM / Markit manufacturing PMI Factory orders ADP employment change, ISM non-mfg Trade balance Non-farm payroll, unemployment rate, Avg hourly earnings |
Yesterday, USDCAD dropped from 1.3520 down to 1.3485 before climbing to hold a 1.3495 – 1.3517 range for the balance of the session. The pairing had broken above recent resistance between 1.3510/22 and extended to 1.3542/47 – the highest level since Jan. 3 before falling towards 1.3508 on Wednesday. In early Asian trade, Trump announced a 5% tariff on all goods from Mexico effective June 10th. This would rise in stages to a possible 25% by October if Mexico did not do more to curb illegal immigration. USDCAD spiked from 1.3495 up to 1.3540 accordingly. The risk-off mood overnight saw USDCAD eclipse Wednesday's high of 1.3547 and extend to 1.3565. Canadian GDP data was better than expected for March and despite a 2.25% drop in oil prices (which have fallen 14% over the past 10 days towards a 3 month low) USDCAD has declined back to 1.3508. Subsequent rallies have been limited to 1.3525/30. Currently, the TSX and the DJIA are down 0.45% and 1% respectively. EURCAD is up 0.50% trading between 1.5019 and 1.5125 – up near 2 week highs after trading near 18 month lows yesterday. GBPCAD is up 0.20% trading between 1.7012 and 1.7090 – near 5 month lows. JPYCAD is up 1% trading between 0.01231 and 0.01247 – near 5 month highs. Gold is up 1% near 2 month highs trading between $1,288 and $1,304USD/oz, silver is up 0.62% trading between $14.48 and $14.68USD/oz, while oil (WTI crude) is down 2.25% trading between $54.81 and $56.68 – near 3 month lows.