USDCAD spot rate: 1.1180 - 1.1185 (AS AT 8:35AM PST)
RANGES:
|
Asia:
|
1.1176
|
to
|
1.1200
|
Europe:
|
1.1186
|
to
|
1.1222
|
|
North America:
|
1.1160
|
to
|
1.1218
|
Technical Support / Resistance:
S2
|
S1
|
R1
|
R2
|
1.0970
|
1.1070
|
1.1222
|
1.1277
|
Key Economic Data Releases:
-Canada
net employment change: 74,100 (exp. 20,000)
-Canada
unemployment rate: 6.8% (exp. 7.0%)
-Canada
participation rate: 66% (exp. 66%)
Key Event Calendar:
DATE
|
CANADA
|
U.S.A.
|
Oct. 13
|
Thanksgiving Day
|
Columbus Day
|
Oct. 14
|
||
Oct. 15
|
Producer price index, retail sales
|
|
Oct. 16
|
Manufacturing shipments
|
Jobless claims, industrial production
|
Oct. 17
|
Consumer price index
|
Housing starts, building permits, consumer
|
sentiment index
|
Yesterday, USDCAD traded from 1.1115 down to 1.1079 only to
rally back towards 1.1188 late in the day. Initially, the USD broadly weakened
because of the dovish Fed minutes released on Wednesday. However, a global
equity market rout ensued taking the USD and JPY broadly higher. The sell-off
continued overnight with risk aversion flows taking USDCAD up to recent
resistance at 1.1222. The Canadian jobs data was far better than expected and
USDCAD plunged to 1.1160 after the 5:30am data release. After losing 11,000
jobs the previous month, Canada added more than 74,000 jobs with 69,300 of
those jobs being full-time. In a volatile session, USDCAD bounced strongly to
1.1218 but the return above 1.12 was short-lived and the pairing has eased to
1.1170. Currently, the TSX is down 1.50% while the DJIA is unchanged. EURCAD is
down 0.40% trading between 1.4095 and 1.4235. GBPCAD is down 0.65% trading
between 1.7894 and 1.8060. JPYCAD is unchanged trading between 0.01035 and
0.01040 Gold is down 0.38% trading at $1,220USD/oz, silver is down 0.79%
trading at $17.28USD/oz, while oil is down 0.90%, trading at $85.
Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets,
Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
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