Canadian Dollar Recover Losses


The Canadian dollar has recovered losses from Monday’s sharp decrease. However, will strong US jobs numbers impact the USDCAD pair today?

5 October, OctaFX – The Canadian Dollar fell against the USD after a sharp increase on Monday following the breakthrough in NAFTA negotiations. These declines were mostly because of the strong USD.

Today, traders will receive the employment numbers from Canada. The unemployment rate is expected to drop to 5.9% from the previous 6.0%. The participation rate is expected to increase to 65.4% from the previous 65.3% while the net employment change is expected to be at 30K.

Canadian Dollar Recover Losses

The USDCAD recovered all of the losses from Monday’s sharp decrease. It reached an intraday high of 1.2936. This happened as the pair moved past the important consolidation level of 1.2840.

Today’s jobs numbers will make it one of the most volatile pairs. Strong US jobs numbers will take the pair higher. Strong numbers from the US and Canada will have mixed reactions from the market. This means that the pair will likely test the 1.2940 or the 1.2840 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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