Will the Canadian dollar rise?
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Canadian job data may push the CAD up
Canada will release the employment change and the unemployment rate on October 9, at 15:30 MT time.
Instruments to trade: USD/CAD, AUD/CAD, CAD/JPY
The employment change and the unemployment rate are one of the most important indicators of employment. While the first one shows the change in the number of employed people during the previous month, the second indicator demonstrates the percentage of the total workforce that is unemployed and actively seeking employment. September's data were disappointing for the Canadian economy. While the employment change reached +245.8K (vs. the forecast of +262.5K), the unemployment rate increased to 10.2% (vs.10.1% expected). USD/CAD spiked right after the release but then moved lower.
- If the employment change is higher and the unemployment rate is lower than the forecasts, the CAD will rise;
- If the employment change is lower and the unemployment rate is higher than the forecasts, the CAD will fall.
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