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
Bearish
Oil - US Crude
Mixed
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
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • While risks may be starting to skew to the upside in Brexit negotiations, GBP/USD continues to trade in choppy fashion, with pullbacks finding support at 1.2720-30. Get your $GBPUSD market update from @JMcQueenFX here:https://t.co/TOrUJKapR1 https://t.co/txDbUikOFZ
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.21% US 500: -0.30% Wall Street: -0.50% France 40: -1.37% Germany 30: -1.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eOrhf8Ozhy
  • Heads Up:🇺🇸 Fed Williams Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) Actual: 0.4% Expected: 1.2% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders MoM (AUG) Actual: 0.4% Expected: 1.5% Previous: 11.2% https://www.dailyfx.com/economic-calendar#2020-09-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.29%, while traders in EUR/GBP are at opposite extremes with 64.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Pr6fmzDXyZ
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.07% 🇬🇧GBP: -0.07% 🇯🇵JPY: -0.08% 🇨🇭CHF: -0.14% 🇦🇺AUD: -0.22% 🇪🇺EUR: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vRMbDk8nMT
  • Heads Up:🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) due at 12:30 GMT (15min) Expected: 1.2% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-09-25
  • Heads Up:🇺🇸 Durable Goods Orders MoM (AUG) due at 12:30 GMT (15min) Expected: 1.5% Previous: 11.2% https://www.dailyfx.com/economic-calendar#2020-09-25
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/0N5t9QITVe
USD/CAD Edges Up as US NFPs Beat, Canadian Jobs Data Misses

USD/CAD Edges Up as US NFPs Beat, Canadian Jobs Data Misses

Share:

Talking Points:

- Canadian employment falls by a mere -0.7K, well-below expectations of a +6.5K gain.

- Jobless rate drops to 6.8% from 6.9% as the participation rate falls to 65.5%.

- USD/CAD rises post-Canadian employment release, but USD gains can be mostly attributed to June US NFPs.

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

Canada’s job market lost some of its recent momentum in June, StatsCan reported on Friday. The release showed that the economy lost 700 jobs, far below expectations for a net positive change of +6.5K. Despite the decline in payrolls, the national unemployment rate edged down to 6.8%, the lowest level in one year, from 6.9% the preceding month. Market consensus called for the jobless rate to rise to 7.0%. The decline in unemployment, however, can be attributed to a drop in the participation rate that fell to 65.5% from 65.7% in May as the number of people seeking work fell unexpectedly.

Beneath the headline numbers, the report showed full time employment fell by -40.1K but was offset by +39.4K increase in part-time employment, pointing to a decline in the quality of jobs being created in the economy. From the industry perspective, construction and manufacturing were the biggest losers shedding -28.7K and -12.9K jobs, respectively.

Meanwhile, the drag from low energy prices continued prompting employment in natural resources to decline by -1.6K. In contrast, the services producing sectors added +45.5K jobs with accommodation and food services increasing by +20.2K and trade rising by +12.5K.

It is important to point out that this report does not take into account the wildfires in Northern Alberta. Given the evacuation of more than 100,000 residents from the Fort McMurray area data was not collected from the region.

Here’s a summary of the data that’s moving the Canadian Dollar this morning:

- CAD Unemployment Rate (JUN): 6.8%% versus 7.0% expected, from 6.9%.

- CAD Net-Change in Employment (JUN): -0.7K versus +6.5K expected, from +13.8K.

- CAD Participation Rate (JUN): 65.5% versus 65.7% prior.

Chart 1: USD/CAD 1-minute Chart Intrday (July 8, 2016)

USD/CAD Edges Up as US NFPs Beat, Canadian Jobs Data Misses

Immediately after the report, USD/CAD pushed off of its daily lows and jumped to C$1.3080 from C$1.3015, in a knee-jerk reaction. The USDollar spike, however, could be mostly attributed to the positive US NFP surprise that revealed the US economy created +287K jobs in June, far above expectations of +180K, easing concerns about a deceleration in the pace of hiring in the largest economy worldwide, and began to revive Fed rate hike expectations. The USD, however, has retraced gains and was trading at C$1.3027 at the time of this writing.

Read more: Preview for June US NFPs and Outlook for USD-pairs, Fed Policy

--- Written by Christopher Vecchio, Currency Strategist and Diego Colman, DailyFX Research

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES