News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here: https://t.co/UNRcd3c9uA https://t.co/BiUiOV4cXC
  • USD/MXN pushes lower towards a critical support level in the midst of continued political uncertainty. Get your #currencies update from @HathornSabin here: https://t.co/HEAzgJJJjg https://t.co/NU9wYbIuni
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2020/10/23/gold-forecast-xau-usd-at-the-mercy-of-a-fiscal-stimulus-deal.html $GC_F $XAUUSD $GLD https://t.co/GWEI4d4mMu
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/rxswe1gVL0
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here: https://t.co/ER8IT1yxYO https://t.co/Jeeu2P9mwB
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/W9awqb818J
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/lucvsACxu5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/yywnE39MLU
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here: https://t.co/l705RWumj5 https://t.co/jBbMKYp0F5
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/YUhC9cCDpy
Canada Jobless Rate Unchanged As New Jobs Added in May For Third Month

Canada Jobless Rate Unchanged As New Jobs Added in May For Third Month

2012-06-08 13:02:00
Tzu-Wen Chen, Technical Strategist
Share:

THE TAKEAWAY: [Canada’s unemployment rate steady; new jobs added for third month] > [Continued job growth could add scope for BoC rate hike] > [CADgains vs. USD]

Canadian employers continued to add new jobs to the labor market for the third straight month, though employment growth slowed considerably. Statistics Canada released a report today that showed 7,700 new jobs added in May, following gains of 58,200 and 82,300 jobs in April and March, respectively. The median forecast according to 23 economists surveyed by Bloomberg News had called for a rise of 5,000 new jobs. Canada’s jobless rate remained unchanged at 7.3 percent as expected.

Job growth was led by gains in manufacturing, education, and retailing and wholesaling. Conversely, construction employment declined by 27,000 in May, after strong demand for home construction boosted construction employment in April.

USDCAD 1-minute Chart: June 8, 2012

_Canada_Jobless_Rate_Unchanged_As_New_Jobs_Added_in_May_For_Third_Month__body_Picture_4.png, Canada Jobless Rate Unchanged As New Jobs Added in May For Third Month

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The loonie strengthened against the greenback in the minutes following data release. Earlier in the week, the Bank of Canada announced its decision to hold their benchmark rate at 1.00 percent, reiterating that removing monetary stimulus ‘may become appropriate’. The ongoing improvement in the labor market raises scope for a rate hike in the near term, boosting the appeal of the Canadian dollar. At the time of this report, the USDCAD pair was trading at C$1.0328.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES