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Daily Foreign Exchange Update for November 3

November 3, 2026

Spot Rates:
  • USDCAD spot rate: 1.3990 - 1.3995 (as at 8:15am PST)
  • Asia: 1.3957 to 1.3974
  • Europe: 1.3958 To 1.3982
  • North America: 1.3950 to 1.4000
Technical Support / Resistance:
  • S2 1.3850
  • S1 1.3900
  • R1 1.4000
Key Economic Data Releases:
  • US JOLTS: 7.523M (prev 7.19m)
Important events we're watching this week:
  • Nov 4, USA, ADP employment change, ISM services PMI
  • Nov 5, USA, Challenger job cuts
  • Nov 6, Canada, Net change in employment
  • Nov 6, USA, Non-farm payrolls, UoM consumer inflation expectations
Market Spotlight

All eyes are on Washington today as Americans head to the polls for the midterm elections, with control of Congress up for grabs. The U.S. dollar has shown little conviction either way heading into results, trading sideways near a one-month low, as investors trim dollar positions ahead of the outcome rather than take a strong view. Polling points to a likely Democratic House with the Senate a closer call; most strategists, including ING, don't expect a structural shift in currencies regardless of outcome, but flag that a clean Republican sweep would be the bigger tail risk for yields and the dollar, while a Democratic Congress is already largely priced in.

Against that uncertain backdrop, the loonie is actually among the day's stronger major currencies, helped along by the sharply narrower Canada-U.S. yield gap that's built up since last Wednesday's dueling central bank decisions, when the Bank of Canada hiked a quarter point to 2.50% while the Fed held steady.

Also in the mix today: fresh hostilities around Iran are casting doubt on peace-process hopes and lifting oil prices, which is lending some separate support to the commodity-linked loonie even as broader market sentiment stays cautious. Treasury yields have ticked higher, a mild headwind for risk assets generally. Expect today's price action to stay rangebound and headline-driven until election results start coming in after markets close, with any follow-through more likely tomorrow once the composition of Congress becomes clearer.

  • Currently, the TSX is down 0.64% and the DJIA is down 0.67%.
  • EURCAD is flat, trading between 1.5591 and 1.5663.
  • GBPCAD is up 0.13% trading between 1.8702 and 1.8789.
  • JPYCAD is down 0.33% trading between 0.00881 and 0.00885.
  • Gold is down 0.22% trading between $3,958 - $3,971USD/oz.
  • Silver is down 1.38% trading between $48.61 - $51.18USD/oz.
  • Oil (WTI crude) is down 0.20% trading between $94.53 and $99.78.