Canadian Unemployment Up Next
CAD traders will be looking ahead to Canadian labour market data later today. Both the Unemployment rate and employment change are due and will be the main focus for CAD traders as we round out the week. The market is looking for an improvement in the unemployment rate which forecast to fall back to 7.2% from 7.5% prior while the employment change reading is forecast to fall to 67.2k from 94k prior.
The Canadian Dollar had been under steady selling pressure over the first half of the week though has started to rebound over recent sessions. With this in mind, a positive set of data today will likely see the current rebound extend further into next week. However, if the unemployment rate in particular fails to mark a further decline, this will likely see CAD selling resume.
Where to Trade CAD Unemployment?
NZDCAD
NZDCAD has rallied firmly over recent weeks with price breaking out above the base of consolidation at .8852, trading as high as the mid .90s. With the move paused for now, there is plenty of room for the rally to resume on any data-fuelled CAD downside today, targeting .9063 and .9132 next, in line with the MACD and RSI which remain bullish here.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.