Any optimism for the Canadian labor market?

Apr 07, 2021 50 0

What will happen?

Canadian Employment Rate and Unemployment Change are announced on April 9, at 15:30.

Since May, which saw the unemployment rate reach 13.7% in Canada, this indicator has been going down until it came to 8.5% in November. After that, however, it started growing again and reached back up to 9.4% in January. February saw a drop to 8.2% - the lowest since the start of the pandemic in March. It was good news as the market was expecting 9.4%.

How to trade the Canadian jobs data?

This time, the expectation is 8.2% for the unemployment rate in Canada. Any major deviation from that may lead to a corresponding reaction in the course of the CAD.

If the unemployment rate is lower than expected, the CAD may gain value;
Otherwise, the CAD will drop.

Instruments to trade: AUD/CAD, USD/CAD, CAD/JPY, GBP/CAD