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.

Free Trading Guides
EUR/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
GBP/USD
Bullish
USD/JPY
Mixed
Gold
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
Oil - US Crude
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
Bitcoin
Bullish
More View more
Real Time News
  • The Swedish #Krona and Norwegian #Krone will be in for a tense week ahead of #Brexit-related drama and a crucial EU summit which could be a turning point for the EU-UK divorce. Get your market update from @ZabelinDimitri :https://t.co/zjTNQmDHTt https://t.co/fpXoGsdMt7
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.26%, while traders in France 40 are at opposite extremes with 83.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2T2DkNIQIK
  • Australian Dollar and ASX 200 Trend Hinges on RBA, Fed Rate Cuts - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/17/Aussie-Dollar-and-ASX-200-Trend-Hinges-on-RBA-Fed-Rate-Cuts.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #AUDUSD #ASX
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.39% 🇨🇭CHF: 0.17% 🇳🇿NZD: 0.10% 🇯🇵JPY: -0.00% 🇨🇦CAD: -0.02% 🇬🇧GBP: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fV2xxEk8ml
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -0.02% Wall Street: -0.16% France 40: -0.20% Germany 30: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/v10gfIXweU
  • #CAC: A consolidation, then breakout could provide a platform for fresh longs. In the event of higher prices, there isn’t anything until a swing high from late-2007 located at 5865. Get your market update from @PaulRobinsonFX https://t.co/XqtCnj89qG
  • Overnight index swaps are pricing in an 84.2% probability that the #fed will cut rates during its next meeting on 10/30/2019. #USD #Fed
  • Longer-term Elliott wave forecast for $EURUSD - 1.18? 1.25? https://www.dailyfx.com/forex/technical/elliott_wave/eur-usd/2019/10/01/eur-forecast-large-rally.html
  • Asian equities update: Nikkei 22503.97 (+0.14%), Hang Seng 26891.76 (+0.86%), CSI 300 3928.88 (-0.16%). [Delayed]
  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your $EUR market update from @IlyaSpivak here:https://t.co/5Cdw2gJ3ON https://t.co/Q88ySolKZt
CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

2018-08-10 15:30:00
Peter Hanks, Junior Analyst
Share:

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

News & Analysis at your fingertips.