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October 9, 2020

Canada’s Job Data May Give Chance to Grab 30+ PIP Movement

Canada’s Employment Change & Unemployment Rate

Canada will publish job data around 1230 GMT/1800 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

Let’s see how CAD has reacted during the previous data release:

Sept 04

Aug 07

Technical View:

USD/CAD: The Canadian dollar strengthens extremely against U.S. dollar ahead of Canada’s job data. The pair made intraday high at 1.3198 and low at 1.3160 mark. A sustained close above 1.3195 will drag the parity up towards key resistances around 1.3220, 1.3265, 1.3308 and 1.3384 mark respectively. Alternatively, current downside movement will drag the parity down towards key supports around 1.3145, 1.3092, 1.3060 and 1.3011 mark respectively.

Take a look and do trade wisely!

Good Luck

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