VBCE

HAPPY JULY 4TH! U.S MARKETS ARE CLOSED TODAY

 

Key Economic Data Releases:

- U.S. Markit services PMI: 58.5 (exp. 57.4)

 

 

Key Event Calendar:

DATE	CANADA	U.S.A.
July 6	Ivey purchasing managers index	ISM non-manufacturing PMI
July 7	Int’l merchandise trade	Trade balance
July 8	Building permits	Crude oil stocks change, FOMC minutes
July 9	Housing starts	Initial jobless claims
July 10	Net employment change	Fed Yellen speech
	Unemployment rate

 

 

Yesterday, USDCAD initially climbed from 1.2579 up to a 3 month high at 1.2633 before easing back to 1.2600 ahead of the 5:30am U.S. employment data. The report was weaker than expected and included a negative revision of 60,000

jobs to prior data. Initially, USDCAD jumped to 1.2620, dropped to 1.2558, and then climbed back to 1.2603. From there USDCAD faced downward pressure and finished the day near 1.2540. With U.S. markets closed today, USDCAD remained confined to a 1.2540 – 1.2568 range overnight followed by a test of 1.2600 this morning. The pairing has since fallen to 1.2570. The yen has been the best performing currency today and JPYCAD is near a two month high. Uncertainty surrounding Sunday’s Greek referendum remains as polls suggest a fairly even split over whether to accept a bailout agreement. Currently, the TSX is up 0.05% while the DJIA is closed. EURCAD is up 0.35% trading between 1.3902 and 1.3986. GBPCAD is up 0.25%, trading between 1.9572 and 1.9675. JPYCAD is up 0.55% trading between 0.01019 and 0.01026. Gold is up 0.28% trading between $1,165 and $1,170USD/oz., silver is up 0.53% trading between $15.63 and $15.73USD/oz., while oil is down 1% trading between $55.78 and $56.76.

Sources: Reuters, Bloomberg, FXStreet, RBC Capital Markets, Bank of Canada, U.S. Federal Reserve, CNBC, Forexlive