Daily Foreign Exchange Update for May 7, 2026

Spot Rates

• USDCAD spot rate: 1.3635 - 1.3640 (as at 7:30am PST)
• Asia: 1.3620 to 1.3629
• Europe: 1.3625 to 1.3633
• North America: 1.3630 to 1.3645

Technical Support / Resistance:

• S2 1.3510
• S1 1.3550
• R1 1.3650
• R2 1.3700

Key Economic Data Releases:

• US initial jobless claims 200k 205k exp. 190k prev.

Important events we're watching this week:

• May 8, Canada, Net change in employment
• May 8, USA, Non-farm payrolls

Market Spotlight

The USD/CAD pair is navigating a delicate balance, trading around 1.3630–1.3660 recently. The Canadian dollar shows a slight bearish bias in the short term, with forecasts for 1.3667 over three months, driven by, USD strength, and a cautious market watching upcoming US labor data ADP payrolls/non-farm payrolls.

Key USD/CAD News and Market Drivers:

• Near-Term Outlook: The USD/CAD is hovering near weekly highs, trying to break above 1.3650, which could invite further bullish pressure toward 1.3715.
• Fundamental Factors: The CAD has felt pressure as the US dollar saw broad strength, though geopolitical risks (Middle East) and oil price fluctuations are creating volatility, notes Reuters via BNN Bloomberg.
• Key Data Focus: Market participants are preparing for Canadian employment data and US Non-Farm Payrolls on Friday to determine the next major move, according to Forex.com.

• Currently, the TSX is down 0.04% while the DJIA is down 0.30%.
• EURCAD is up 0.25% trading between 1.6009 and 1.6057.
• GBPCAD is up 0.26% trading between 1.8528 and 1.8581.
• JPYCAD is up 0.12% trading between 0.00870 and 0.00873.
• Gold is up 1.10% trading between $4,685 - $4,758USD/oz.
• Silver has is up 5.37% trading between $76.97 - $81.86USD/oz.
• Oil (WTI crude) is down 4.49% trading between $90.09 and $96.42.