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


USDCAD spot rate: 1.3110 - 1.3115 (as at 8:45am PST)

Ranges:

Asia:

1.3048

to

1.3068

Europe:

1.3041

to

1.3129

North America:

1.3103

to

1.3138

Technical Support / Resistance:

S2

S1

R1

R2

1.2987

1.3032

1.3177

1.3225

Key Economic Data Releases:

- Canadian net employment change: -2.2k (exp 10.0k / prev 27.4k)

- Canadian unemployment rate: 5.5% (exp 5.5% / prev 5.4%)

- Canadian Ivey PMI: 52.4 (exp 55.0 / prev 55.9)

- U.S. Non-farm payrolls: 224k (exp 160k / prev 72k)

- U.S. unemployment rate: 3.7% (exp 3.6% / 3.6%)

Event Calendar:

Date

Canada

U.S.A.

July 8

July 9

July 10

July 11

July 12

Housing starts, building permits

Bank of Canada interest rate decision

New housing price index

Fed's Chair Powell speech

FOMC minutes, wholesale inventories

Jobless claims, consumer price index

Producer price index

The USD/CAD pair gained nearly 70 pips in a matter of minutes following the employment data releases from Canada and the U.S. to touch its highest level of the day at 1.3138. In Canada the unemployment rate rose to 5.5% in June amid a 2,200 decrease in the number employed and weighed on the loonie. In the U.S. non-farm payrolls increased by 224k in June to surpass the market expectation of 160k by a wide margin. The press release also showed that the wage inflation, as measured by the average hourly earnings, stayed unchanged at 3.1%. The U.S. labour market is on fire and the Federal Reserve officials can sit back and enjoy the fireworks. While the central bank is set to cut interest rates as the end of the month, the upbeat non-farm payrolls diminish the chances of a deep cut of 50 basis points that investors have wished for. Currently, the TSX is down 0.63% and the DJIA is down 0.61%. EURCAD is down 0.12% trading between 1.4692 and 1.4750. GBPCAD is down 0.12% trading between 1.6372 and 1.6444. JPYCAD is down 0.16% trading between 0.01207 and 0.01208. Gold is down 1.74% trading between $1,386 and $1,421USD/oz while oil (WTI crude) is up 0.47% trading between $56.30 and $57.70.

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