Daily Foreign Exchnage Update for June 2, 2026

Spot Rates * USDCAD: 1.3825 - 1.3830 (as at 8:25am PST) * Asia: 1.3835 to 1.3845 * Europe: 1.3837 to 1.3849 * North America: 1.3815 to 1.3852

Technical Support / Resistance: * S2 1.3700 * S1 1.3770 * R1 1.3870 * R2 1.3900

Key Economic Data Releases - US Jolts: 7.618M (prev 6.887M)

Important events we're watching this week: * June 3, USA, ADP employment change, ISM services PMI * June 4, USA, Challenger job cuts * June 5, Canada, Net change in employment * June 5, USA, Non-farm payrolls

Market Sportlight

USD/CAD is trading with a softer tone this morning, hovering in the low 1.38s as the U.S. dollar gives back a bit of ground despite lingering uncertainty around U.S.-Iran negotiations. Headlines out of Tehran suggesting communication with Washington has stalled would normally be enough to lend the greenback some safe haven support, but for now markets appear reluctant to chase the USD higher after its strong run in recent months. Much of that rally was built on a familiar recipe, rising oil prices feeding inflation concerns, reduced expectations for Fed rate cuts, and geopolitical nerves pushing investors toward traditional safe havens.

The Canadian dollar, meanwhile, continues to find support from elevated crude prices, which remain an important tailwind for a commodity-linked currency like the Loonie, helping keep USD/CAD from stretching meaningfully higher. From a technical perspective, the broader near-term bias still leans modestly constructive for USD/CAD while the pair remains above its short-term trend support around the high 1.37s, though momentum feels more steady than aggressive at this stage. Immediate resistance sits near the late May highs around 1.3870, with a break above there opening the door toward the upper 1.39s. On the downside, support near 1.3770 remains key and would likely need to give way before a deeper pullback gains traction. For now, this feels like a market pausing for breath rather than changing direction, with traders waiting for the next headline to decide whether the dollar’s recent rally still has another inning left.

• Currently, the TSX is up 0.79% while the DJIA is up 0.72%. * EURCAD is down 0.04% trading between 1.6090 and 1.6133. * GBPCAD is up 0.06% trading between 1.8616 and 1.8661. * JPYCAD is down 0.24% trading between 0.00864 and 0.00866. * Gold is up 0.45% trading between $4,463 - $4,551USD/oz. * Silver is up 1.35% trading between $74.48 - $77.01USD/oz. * Oil (WTI crude) is down 0.40% trading between $88.51 and $90.91.