Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
Job data for Canada: a relief or another disappointment?
What will happen?
Canada will publish employment change and an unemployment rate on Friday, at 15:30 MT time. While employment change represents a change in the number of employed people during the previous month, the unemployment rate stands for the percentage of the total workforce that is unemployed and actively seeking employment during the previous month.
How to trade on the Canadian job data?
As the country tightened restrictions to curb coronavirus, employment levels dropped massively in January. While employment change fell by 212.8K, the unemployment rate rose to 9.4% (the highest level since September). Despite this negative news, the release was overshadowed by the disappointing NFP. As a result, the CAD strengthened against the USD but fell against other currencies.
- If the employment change is higher, and the unemployment rate is lower than the forecasts, the CAD will get a boost;
- In case of an alternative scenario, expect a drop of the CAD.
Instruments to trade: USD/CAD, EUR/CAD, GBP/CAD
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