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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

USDCAD Breaks Above 1.26 For the First Time Since July 20th

Published August 3, 2017
  • USD/CAD rose to highest level since July 20 this morning as the pair broke above 1.2600; the pair has settled just below this level as the investors await tomorrow’s data release on US and Canadian job numbers
  • US Unemployment Claims improved with a reading of 240,000 claims versus expectations of 245,000; this new positive reading brings the number of US claims close to the lowest level in more than four decades
  • Investors will look to US non-manufacturing data later this morning at 10:00 AM EST; data on US factory orders is also set to be released at 10:00 AM EST
  • Oil prices improve this morning after data on US supply indicated that there is still strong demand for oil and gas products; The US Energy Information Administration showed that demand for gasoline products hit record highs