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)

Technical Support / Resistance:

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:

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.