Canada employment data

• Building permits (m/m) (September), fact-6.5%, forecast -2.0%.
• Employment Change (Oct), fact -1.8K, forecast 15.9K.
• Unemployment rate (oct), fact 5.5%, forecast 5.5%.

The number of employees in Canada in October fell to a negative value, indicating an increase in the number of unemployed, rather than new jobs. Given the cyclical nature of this indicator, this indicates a significant slowdown in the labor market in Canada, especially given the downward trend.

Fig. 1. Employment Trends in Canada

As a result, the Canadian dollar accelerated the decline across the market. The USD/CAD pair resumed the uptrend in recent weeks after a long flat. But the growth of this pair may be limited by market restraint at the end of the week and resistance levels: 1.3250 and 1.3280. Support is located at levels: 1.3200 and 1.3170.

Fig. 2. USD/CAD chart

Read also: “Prospects for the USD/JPY for early July”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

Topical articles of the trader’s blog:

1. The trade war risks are coming back
2. Upward dynamics of gold, resumption of growth or correction before the decline
3. Increased transportation costs: a driver for rising oil prices

Current Investment ideas:

1. Several reasons to buy Cisco Systems, Inc. shares in October. Let’s earn Together!