Data for USA and Canada
USA:
- ADP non-farm employment change (July), fact 156K, forecast 150K.
- Employment cost index (q/q) (Q2), a fact of 0.6%, the forecast of 0.7%.
Canada:
- GDP (m/m) (May), fact 0.2%, forecast 0.1%.
- Commodity Price Index (RMPI) (m / m) (June), fact -5.9%, previous -2.4%
Despite the very positive data on the number of people employed in the United States by ADP, before the Friday employment report in the United States, the dynamics of the US dollar remained restrained on the expectations of the statements of the US Federal Reserve.
The data on the Canadian GDP were very positively received, which showed a more significant GDP growth than expected.
Fig. 1. Canadian GDP
At the same time, it is worth noting the downward dynamics of this indicator, which, against the background of general market restraint and waiting for the results of the US Federal Reserve meeting, limits the strengthening of the Canadian dollar, which remains very restrained. The USD/CAD pair is limited to support levels: 1.313 and 1.3100, resistances: 1.3150 and 1.3180.
Fig. 2. USD/CAD chart. Current price – 1.3130
Read also: “The Theories of the Elliott Wave:
Prediction Correction and Channel Formation”
Hanzenko Anton
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