Daily Foreign Exchange Update for July 2, 2026

July 2, 2026

Spot Rates:

• USDCAD spot rate: 1.4175 - 1.4180 (as at 6:45am PST)
• Asia: 1.4188 to 1.4200
• Europe: 1.4206 To 1.4216
• North America: 1.4150 to 1.4224

Technical Support / Resistance:

• S2 1.4100
• S1 1.4150
• R1 1.4250
• R2 1.4300

Key Economic Data Releases:

• U.S. initial jobless claims 215k 220k exp/ 216k prev.
• U.S. Non Farm Payrolls 57k 110k exp. 129k prev.

Market Spotlight

The USD/CAD pair is trading near 1.4180, pulling back from recent 14-month highs as a weaker-than-expected US employment report pressured the greenback. The pair had been surging due to policy divergence between the Federal Reserve and the Bank of Canada, combined with fading oil price support.

Here are the latest specific factors and market movers:

• US Employment Data: The US economy added only 57,000 nonfarm payrolls in June, well below market expectations of 110,000, causing the USD to sell off against the CAD.

• Broader Divergence: The Canadian dollar remains sensitive to interest rate divergence with the Fed continuing to hold a hawkish stance.

• Technical Levels: The recent dip to around the 1.4150 mark broke a tight consolidation range near 1.4200. Market analysts highlight the 20-day exponential moving average near 1.4100 as immediate technical support.

• Resource Pressures: Commodity prices, particularly crude oil, are seeing reduced support from easing geopolitical tensions, heavily capping the Canadian dollar's appeal.

• Currently, the TSX is up 0.34% while the DJIA futures are up 0.63%.
• EURCAD is up 0.25% trading between 1.6169 and 1.6235.
• GBPCAD is up 0.30% trading between 1.8872 and 1.8956.
• JPYCAD is up 0.65% trading between 0.008738 and 0.008816.
• Gold is up 0.22% trading between $4,030 - $4,140 USD/oz.
• Silver is up 3.65% trading between $58.89 - $61.68 USD/oz.
• Oil (WTI crude) is down 1.24% trading between $67.08 and $68.23..