USDCAD eases from 1.2625 down to 1.2574 as oil regains the $50 level
USDCAD spot rate: 1.2585 - 1.2590 (AS AT 8:15AM PST)
RANGES:
|
Asia:
|
1.2597
|
to
|
1.2625
|
Europe:
|
1.2574
|
to
|
1.2608
|
|
North America:
|
1.2574
|
to
|
1.2597
|
Technical Support / Resistance:
S2
|
S1
|
R1
|
R2
|
1.2350
|
1.2400
|
1.2625
|
1.2660
|
Key Economic Data Releases:
-Canada housing starts: 156.3k (exp. 179.0k)-U.S. labour market conditions index: 4.0 (prev. 4.9)
Key Event Calendar:
DATE
|
CANADA
|
U.S.A.
|
Mar. 10
|
Wholesale inventories
|
|
Mar. 11
|
EIA crude oil stock change
|
|
Mar. 12
|
New housing price index
|
Retail sales, jobless claims, bus. Inventories
|
Mar. 13
|
Net employment change
|
Producer price index, consumer sentiment
|
On Friday, USDCAD traded from 1.2496 down to 1.2456 ahead of
the U.S. employment data release. The headline numbers were strong with 295,000
jobs added and a fall in the unemployment rate from 5.7% to 5.5%. The USD made
gains across the board taking USDCAD up to 1.2625, effectively wiping away the
CAD gains earlier in the week from the strong GDP data and the surprise neutral
tone from the Bank of Canada (USDCAD had fallen from 1.2560 down to 1.2407).
USDCAD closed the week near session highs, with the only pull-back coming
earlier in the day to 1.2570. Overnight, USDCAD failed to add to its gains
above 1.2625 and eased lower to 1.2574. The pairing has remained idle this
morning holding in a 1.2574 – 1.2597 range. On Friday, Canada is expected to
show a decline of 5,000 jobs in February after posting a strong January
(+35,400). The unemployment rate is expected to tick up to 6.7% from 6.6%.
Currently, the TSX is unchanged while the DJIA is up 0.54%. EURCAD is down
0.10% trading between 1.3654 and 1.3736. GBPCAD is up 0.25% trading between
1.8961 and 1.9044. JPYCAD is down 0.40% trading between 0.01040 and 0.01045.
Gold is up 0.53% trading between $1,167 and $1,175USD/oz, silver is unchanged
trading between $15.75 and $15.98USD/oz, while oil is up 1.51% trading between
$49.28 and $50.76.
Sources: Reuters, Bloomberg, FXStreet,
RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive
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