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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
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
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇯🇵JPY: 0.10% 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.09% 🇬🇧GBP: 0.02% 🇨🇭CHF: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIHMI8cSUG
  • 🇪🇸 GDP Growth Rate QoQ Final (Q1) Actual: -0.4% Expected: -0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇪🇸 GDP Growth Rate YoY Final (Q1) Actual: -4.2% Expected: -4.3% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.37% Wall Street: 0.29% Germany 30: 0.28% US 500: 0.21% FTSE 100: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mQrUIe36of
  • 🇫🇷 Business Confidence (JUN) Actual: 107 Expected: 109 Previous: 107 https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇸 GDP Growth Rate QoQ Final (Q1) due at 07:00 GMT (15min) Expected: -0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇸 GDP Growth Rate YoY Final (Q1) due at 07:00 GMT (15min) Expected: -4.3% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇫🇷 Business Confidence (JUN) due at 06:45 GMT (15min) Expected: 109 Previous: 107 https://www.dailyfx.com/economic-calendar#2021-06-24
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/FMNgFqNlSI
  • Wall Street Futures Update: Dow Jones (+0.21%) S&P 500 (+0.20%) Nasdaq 100 (+0.27%) [delayed] -BBG
CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

Peter Hanks, Strategist

Talking Points:

  • Canada added 54.1k jobs in July, versus the expected 17k
  • On the back of the added jobs, unemployment fell to 5.8% from 6.0% in June
  • The positive data strengthens the case for a hawkish Bank of Canada moving forward

Learn the number one mistake traders make when trading. Download our Traits of Successful Traders Guide in the Beginner section of the DailyFX Trading Guides page.

Canadian employment data surpassed expectations Friday, temporarily boosting the Canadian Dollar. Jobs added for the month of July beat the forecasted 17k, weighing in at 54.1k. The strong addition to the labor force contributed to Canadian unemployment reaching 5.8%, lower than the 6.0% in June and the forecasted 5.9%. The figures are in line with recent data coming out of Canada, with GDP for May at 2.6%, beating the 2.3% estimate.

With the recent string of robust data, the Reserve Bank of Canada’s hawkish stance will likely continue in near-term. The last rate hike was on July 11th, with a 25 basis-point bump to 1.5%, the highest rate since 2008. The next rate decision facing the central bank is on September 5th, with futures seeing the probability of a hike around 22%.

In response to the news, the loonie temporarily bounced versus its southern counterpart in the greenback, but quickly surrendered gains. The USD/CAD pair climbed off the 1.3000 psychological level earlier in the week, now trading around 1.3085.

USD/CAD Price Chart: 15-Minute Time Frame, August 8 (Chart 1)

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

The loonie also gained ground versus the euro Friday, but the climb was largely due to the developing situation in Turkey. A bump can be seen in the pair around the time of the news release at 12:30 GMT but gains from the data were somewhat retraced.

EUR/CAD Price Chart: 15-Minute Time Frame, August 8 (Chart 2)

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

Next week is particularly light for economic data coming out of Canada, with the only event of high importance being CAD CPI on Friday. Last month’s CPI weighed in at 2.5%. To see other events for Canada and the major currencies, view our economic calendar.

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

DISCLOSURES