Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 7, 2019

USDCAD spot rate: 1.3275 - 1.3280 (as at 8:09am PST)

Technical Support / Resistance:

Key Economic Data Releases:

- Canada net employment change: 27,700 (exp 8,000 / prev 106,500)

- Canada unemployment rate: 5.4% (exp 5.7% / prev 5.7%)

- Canada average hourly wages: 2.8% (prev 2.5%)

- U.S. non-farm payroll: 75,000 (exp 185,000 / prev 224,000)

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

- U.S. average hourly earnings: 0.2% (exp 0.3% / prev 0.2%) y/y: 3.1% (exp 3.2%/prev 3.2%)

Event Calendar:

Yesterday, USDCAD initially climbed from 1.3410 up to 1.3430 before falling to hold near 1.3360 (near 6 week lows) for the balance of the session. The USD was broadly weaker on the day as equity markets gained for the 4^th consecutive day erasing the entirety of last week's losses. The USD has broadly dropped today on the back of a weaker than expected employment report. The headline drastically missed while there was also a 75,000 negative revision to the prior two months of data. Canada added 27,700 jobs – all of them full-time while the unemployment rate fell to 5.4% - the lowest since 1976. USDCAD has fallen from 1.3364 down to 1.3263 – the lowest in 3 months. The USD index has fallen from near two year highs last week towards 2.5 month lows. Currently, the TSX and the DJIA are up 0.25% and 1.3% respectively. The DJIA has climbed 5 consecutive day and now trades near a 1 month high after having fallen to 5 month lows last week. EURCAD is down 0.10% trading between 1.5027 and 1.5080 – trading near 18 month lows. GBPCAD is down 0.15% trading between 1.6915 and 1.7021 – near 5 month lows. JPYCAD is down 0.25% trading between 0.01227 and 0.01235 – down from 5 month highs. Gold is up 0.75% near 1 year highs trading between $1,330 and $1,348USD/oz, silver is up 1.30% trading between $14.85 and $15.15USD/oz, while oil (WTI crude) is up 0.60% trading between $52.72 and $53.94 – near 5 month lows.