Daily Foreign Exchange Update for June 10, 2026
June 10, 2026
USDCAD is pulling back on Wednesday morning, down 30 pips on the day as a softer than expected US CPI print and a widely anticipated Bank of Canada hold create a modest CAD tailwind.
Spot Rates
- USDCAD: 1.3925 - 1.3928 (as at 8:00 am PST)
- Asia: 1.3930 to 1.3958
- Europe: 1.3920 To 1.3938
- North America: 1.3900 to 1.3938
Technical Support / Resistance:
- S2 1.3850
- S1 1.3900
- R1 1.3960
- R2 1.4000
Key Economic Data Releases:
- US Jolts: 7.618M (prev 6.887M)
Important events we're watching this week:
- June 11, USA, Initial jobless claims / PPI (May)
- June 12, Canada, Canada housing starts
- June 12, USA, University of Michigan Sentiment
Market Spotlight
USDCAD is pulling back on Wednesday morning, down 30 pips on the day as a softer than expected US CPI print and a widely anticipated Bank of Canada hold create a modest CAD tailwind. This morning’s US CPI for May came in line with the +0.5% consensus, while the year-over-year CPI rate held at 4.2%, still well above the Fed’s 2% target but showing early signs that the energy-driven inflation surge may be stabilising. Fed Chair Warsh has previously warned that the Middle East inflationary shock “could persist,” but today’s softer core reading will ease pressure on the Fed to signal further tightening.
On the domestic front, the Bank of Canada held its overnight rate at 2.25% this morning as widely expected, noting that CPI inflation rose to 2.8% in April (driven by energy prices). The BoC said it expects inflation to hover around 3% near term before easing to 2% by 2027, and signalled it stands “ready to respond as needed.”
Geopolitically, the Iran ceasefire continues to show strain - Iranian attacks on Kuwaiti infrastructure and ongoing US self-defence strikes near the Strait of Hormuz have kept the conflict in focus. WTI crude is still trading at $90 this morning, consolidating above recent lows with ceasefire violations keeping a floor in place. Gold is down 1.55% near $4,156 as softer core CPI reduces safe-haven demand.
- Currently, the TSX is down 0.12% while the DJIA futures are up 0.22%.
- EURCAD is down 0.03% trading between 1.6065 and 1.6113.
- GBPCAD is up 0.03% trading between 1.8623 and 1.8677.
- JPYCAD is down 0.24% trading between 0.008666 and 0.008700.
- Gold is down 1.55% trading between $4,130 - $4,227 USD/oz.
- Silver is up 0.43% trading between $63.35 - $65.74 USD/oz.
- Oil (WTI crude) is up 1.71% trading between $87.41 and $90.38.