Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
CAD Unemployment Rate: What’s New?
What will happen?
Statistics Canada will announce their monthly employment change and unemployment rate on April 8, at 15:30 MT. The report will show the actual change in the number of the country’s employed people. It’ll also give the percentage of the total labor force of unemployed people actively looking for work. This data reflects the overall economic health because consumer spending is highly correlated with labor market conditions.
Possible CAD moves
Last month, Canada's labor market showed signs of finally recovering from the COVID-19 shock – labor force participation and unemployment rates are above levels seen just before the pandemic. In February, a gain of 337,000 jobs offset the Omicron-related January loss of 200,000 jobs and lowered the unemployment rate to 5.5%.
The results positively affected the CAD. After the release, the USDCAD pair went down 715 points.
How to trade on CAD unemployment rate release?
If employment change’s results are greater than expected, it’s better for currency. The unemployment rate is vice versa: the less, the better. In turn, it affects the currency.
- If the unemployment rate is high, the CAD will fall.
- Otherwise, the CAD will rise.
- If the employment change announcement is greater than expected, CAD will strengthen.
Check the Economic Calendar.
Instruments to trade: USDCAD, EURCAD, CADJPY
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.