CAD Employment Data in Focus
The main focus over the US session today will be the release of Canadian employment data. Given the more hawkish stance the BOC has taken, compared with most others in the G10, there is plenty of attention on today’s release. The market is looking for the headline unemployment rate to tick lower from 8.2% to 7.9% over June with employment to change by +172.5k jobs. If these data forecasts are satisfied, CAD is likely to be well bid into the weekend, keeping the focus on further BOC tightening. Any downside surprises will be a disappointment for bulls, likely causing some further CAD unwind near-term.
Where to Trade Canadian Employment Data?
CADCHF
The sell off in CADCHF this week has seen price break back down below the bearish long term trend line and below the .7326 level. With MACD and RSI both bearish, while below this level the focus is on a further push lower towards .7266 and .72 next. To the topside, any break above the .7362 level will put the focus back on the .7520 highs.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.