Daily Foreign Exchange Update for July 6, 2026

Spot Rates

• USDCAD spot rate: 1.4215 - 1.4220 (as at 8:45am PST)
• Asia: 1.4202 to 1.4220
• Europe: 1.4212 To 1.4238
• North America: 1.4211 to 1.4235

Technical Support / Resistance:

• S2 1.4100
• S1 1.4150
• R1 1.4250
• R2 1.4300

Key Economic Data Releases:

• BoC business outlook survey
• U.S. ISM services PMI: 54 exp 54 prev 54.5

Important events we're watching this week:

• July 7, Canada, Ivey PMI
• July 7, USA, ADP employment change 4 week avg
• July 8, USA, FOMC minutes
• July 9, USA, Jobless claims
• July 10, Canada, Net change in employment

Market Spotlight

Gold recovers slightly from the daily low, albeit it retains the negative bias through the first half of the European session and remains below a two-week high touched earlier this Monday. The USD attracts some safe-haven flows amid tensions over the Strait of Hormuz and undermines the bullion. However, receding US Fed rate hike bets might hold back USD bulls from placing aggressive bets. Furthermore, persistent central bank buying turns out to be another factor that helps limit losses for the non-yielding yellow metal, which, for now, seems to have snapped a three-day winning streak.

Despite a fragile US-Iran interim agreement, tensions surrounding the Strait of Hormuz remain elevated as Iran seeks to tighten control over the strategic waterway. In fact, Iran’s ambassador to China said on Saturday that Tehran plans to introduce new service fees for ships passing through the strategically important waterway. The US, however, had rejected the idea of Iran charging vessels for using the strait. This keeps the geopolitical risk premium in play and helps the Greenback to regain positive traction at the start of a new week, which, in turn, is seen undermining the Gold.

Meanwhile, traders trimmed their bets for interest rate hikes by the US Federal Reserve (Fed) in the wake of unimpressive US monthly employment details, released last Thursday, which pointed to softening labor conditions. Furthermore, easing inflation fears in the face of the recent slump in Crude Oil prices could allow the US central bank to adopt a more patient stance, taking the edge off expectations for a prolonged higher-for-longer interest rates. This, in turn, might hold back the USD bulls from placing aggressive bets and limit any meaningful corrective fall in the Gold price.

• Currently, the TSX is down 0.32% while the DJIA is down 0.06%.
• EURCAD is up 0.11% trading between 1.6221 and 1.6253.
• GBPCAD is up 0.27% trading between 1.8924 and 1.9008.
• JPYCAD is down 0.47% trading between 0.00875 and 0.00880.
• Gold is down 0.64% trading between $4,128 - $4,202USD/oz.
• Silver is down 0.90% trading between $61.35 - $63.26USD/oz.
• Oil (WTI crude) is down 0.16% trading between $67.88 and $69.11.