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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
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