Daily Foreign Exchange Update

April 29, 2025

Spot Rates

• USDCAD spot rate: 1.3855- 1.3860 (as at 8:15am PST)
• Asia: 1.3817 to 1.3845
• Europe: 1.3825 To 1.3850
• North America: 1.3830 to 1.3855

Technical Support / Resistance:

• S2 1.3700
• S1 1.3800
• R1 1.3900
• R2 1.3960

Key Economic Data Releases:

• US JOLTS: 7.192M (prev 7.48m)

Important Events We're Watching This Week

• April 30, Canada, GDP
• April 30, USA, PCE price index, GDP, personal income/spending
• May 1, Canada, S&P global manufacturing PMI
• May 1, USA, Challenger job cuts, ISM manufacturing PMI
• May 2, USA, Nonfarm payrolls, unemployment rate

Market Spotlight Last night it was determined that the Liberal government would remain in power. Some ridings are too close to call so it remains uncertain, but it looks as though they would form a minority government. The Loonie ignored the news like a teenager ignores his parents while scrolling on TikTok. USDCAD remains at monthly lows, trading between 1.38 and 1.39 for the better part of two weeks now. Tomorrow could bring some excitement as GDP data gets released on both sides of the boarder. These releases may show the first signs of the tariff affect on both economies. Speaking of tariffs, rumours are swirling this morning that the US may ease the tariffs on the auto industry which may lead to scrapping tariffs on foreign auto parts used in the production of US automobiles. This is welcome news for the auto industry in both Canada and the US.

• Currently, the TSX is up 0.14% and the DJIA is down 0.28%.
• EURCAD is flat, trading between 1.5730 and 1.5805.
• GBPCAD is down 0.15% trading between 1.8510 and 1.8600.
• JPYCAD is up 0.11% trading between 0.00969 and 0.00975.
• Gold is down 0.95% trading between $3,299 - $3,339USD/oz.
• Silver is up 0.22% trading between $32.87 - $33.53USD/oz.
• Oil (WTI crude) is down 1.11% trading between $60.45 and $62.06.