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Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
Canada provides an interesting opportunity for traders this time, as employment indicators are published separately from the US data. The latter usually grabs all attention with NFP on the first Friday of the month, but holidays divided the typical schedule of the releases. Therefore, we may take the maximum advantage out of both US and Canadian employment! Isn’t that awesome?
As usual, the employment change will show the number of employed people during the previous month, while the unemployment rate will demonstrate the total unemployed workforce. During the previous release, we saw the Canadian labor market's recovery. The employment change increased by 289.6K (vs. an expected fall of 500K) and the unemployment rate fell to 13.7% (vs. the forecast of 15%). The Canadian dollar appreciated against the USD with USD/CAD falling below 1.34. What can we expect this time?
- If the employment change is higher and the unemployment rate is lower than the forecasts, the CAD will strengthen;
- If the employment change is lower and the unemployment rate is higher than the forecasts, the CAD will weaken;
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