Ticker tape by TradingView

09/04 CAD Employment: What to Expect

Want to see our trade alerts live? Click here to join our private discord community. 
Take 25% OFF your membership with code "READER"!

Look out traders! On Friday the 9th of April, Canada will be printing their jobs report and here's what to expect...

Quick Summary of February Report:

  • Canada added 259.2k jobs in February vs 98.5k consensus
  • Unemployment rate fell from 9.4% to 8.2% vs 9.2% forecast

The February report turned out much better than expected, as the economy added 259.2k jobs versus the estimated 98.5k which was enough to push the unemployment rate down to 8.2%, which was the lowest since the Covid-19 crash in March 2020. As lockdown is beginning to ease around the world, focusing on Canada specifically, both part-time and full-time jobs are very quickly picking up.

What's Expected Now:

  • Employment gains of 90k
  • Unemployment rate to continue falling from 8.2% to 8.0%

Although the employment gains are expected to be a lot less than the previous month, this should still be enough to continue pushing the unemployment rate lower. If the "Actual" figure comes out to be greater than "Forecast", this is good for the currency.

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labour-market conditions.

Impact on USD/CAD:

If you're trying to decide how this will impact the USDCAD, take a read through the deep dive article here to read my long-term views on the currency, and specifically this market.

As there will be no other major catalysts on Friday, this release will likely spark some strong intraday movement in CAD pairs.

Specifically, I am looking to go short on USDCAD and continue the long-term bearish momentum. If the "Actual" figure is greater than 90k we could see some serious strength in the CAD that could likely push price back down away from this LV at 1.26.

Want to see our trades?

Join our VIP!

Our entries, exits, & analysis
Live webinar coaching calls
Trading chatrooms
Strategy library
Use Code "READER" for $5 OFF!
Join Now
JPY- Hottest Market Moves

6/22/2021 The yen index is down -0.33% on the day and is extending its losses to the downside on weakness in the currency. The Fed's decision to raise rates sooner than we expected has caused US bonds to slip as well, sending yields closer to Japan's bond yields, thus decreasing appetite for the USD. JXY […]

Read More
Trade Ideas for EURUSD, BTCUSD, SPX500

Crypto Stumbles to Lows, EU Awaits PMI Data, SPX Flat6/22/2021 EUR/USD Analysis  EU bounces off support and oscillates between support and resistance from 1.19100 and 1.18700. German and French PMI data will report tomorrow which could add extra volatility in the market. The US also has PMI news coming out that day, so we can […]

Read More
Weekly Crypto Forecast 6/21/2021

6/21/2021 Recent News China cracks down: China's attempt to ban mining comes to fruition as their grip gets tighter around this policy. These digital miners now have no choice but to stop everything they're doing in China or move elsewhere which is temporarily hurting the coin's hash rate. Banks are now being told to cut […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram