$USDCAD Looking for weak CAD employment data for further upside

FX:USDCAD   U.S. Dollar / Canadian Dollar
215 2

Price has been capped under 1.28 for 5 weeks. Range bound between 1.2800 - 1.2300. Looking for double top to break for upside of 1.30.


Poloz (Bank of Canada) last statement.

To Summarize :

Central bank wants to see how the economy responds to the last rate cut and oil prices.
They believe January rate cut gives greater confidence of reaching full capacity and stable inflation by the end of 2016

The only dovish statement is :
"We are in an uncertain setting"

Canada Ivey Purchasing is improving (50.80) vs (42.60 - previous).

We are looking for unemployment rate data from CAD drive this trade in the short term. Positive surprise - downside trade. Negative data - upside trade.

Oil prices could have an effect on the job market in Canada.

Poor numbers could elude to this.

Change in employment: is expected at -5K, vs +35.4K previous
Unemployment rate is expected to rise 6.7% vs 6.6% previous

does the measured rule sound logical?
workingtraders jangseohee
1.30 figure i have mentioned is the high from 9/3/2009.
+2 Reply
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