The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
CAD: Canada Reveals Labor Data
What will happen?
Canada will reveal its jobless rate and employment change for June on July 9, 15:30 MT. What do these indicators mean? Well, the jobless rate shows the percentage of people who are unemployed and actively seeking a job, while employment change reveals how many people have become employed. The unemployment rate in Canada increased to 8.2% in May from 8.1% in April, in line with market expectations. Employment dropped by 68,000, with a major part of the decline in part-time work (-54,000).
How to trade on Canada’s employment data?
The better the labor data is – the more chances the Bank of Canada will tighten the policy, which in turn will push the Canadian dollar up.
- If the jobless rate is less and employment change is greater than forecasted, the CAD will rise.
- Otherwise, the CAD will fall.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?