7.02 - USD/CAD goes through tough times
- by Anna K.
Yesterday and the day before that we were learning a lot about USA employment change. And it seems that despite all of the political crisis and despite the situation in the world, US economy is booming, which, of course, means that traders are going to be interested in USD. And that is exactly what happened. When the news about employment change reached the markets, USD started to surge and we were able to fully appreciate the power of this piece news.
Of course, the growth of USD means the surge of USD-led couple, such as USD/CAD, for example. But today the situation might change. CAD has been having enough power to push back against the greenback as it is, so the chart rapidly went down. And if we are going to see good numbers and good information today, the chart is going to go even lower.
Today we are going to get almost an entire spectrum of information on Canadian employment. Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Non-Farm Employment Change and Un employment Rate repots – not bad, right? All of these are going to give us the possibility to further dive into Canadian economic situation and see whether it is worth investing into it. Surely, all of this is going to influence CAD value against the greenback, but in which direction is the chart going to go?
This is the kind of question to be answered by our trading signals.