Canada Employment Data

• Employment Change (Sep), fact 53.7K, forecast 10.0K.
• The unemployment rate (September), fact 5.5%,  forecast 5.7%.

The September employment report in Canada exceeded all expectations, showing an increase in employment and, most importantly, a 0.2% decrease in unemployment.

Fig. 1. Canada unemployment rate

Thanks to the data, the USD/CAD pair has accelerated its decline to the lows of recent weeks. Thus, the pair increased pressure on the US dollar, which remains under the pressure from the US – China trade talks. The USD/CAD pair updated the low at 1.3200, being in a significant oversold condition and slowing the four-month uptrend. Further reduction of this pair is limited by the levels: 1.3200 and 1.3170.

Fig. 2. USD/CAD chart

Read also: “The Impact of a Trade War on the US Stock Market”

Hanzenko Anton

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