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USD/CAD binary signal - Canada jobs report - 08 Jun 2018

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Signal details
Entry Price: 
1.2960
Close Price: 
1.2925
Direction: 
Call
Expiry Time: 
21:00 GMT
Result: 
OTM
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The monthly jobs report from Canada will be reported today at 13:30 by Statistics Canada. According to the economists polled, the Canadian economy is exected to show a rebound in the labor market. Forecasts point to a net job gain of 19.6k during the month of May.

This comes following a net loss of 1.1k in the month of April. Canada's pace of hiring slowed in April after data for March showed a solid report of 32.3k jobs being added during the month. The unemployment rate is expected is expected to remain steady at 5.8%. This marks an unchanged print in the unemployment rate for nearly four consecutive months.

The data comes following the Bank of Canada's decision to hold interest rates steady in May. However, the BoC signaled that rates will most likely have to rise soon. Market watchers estimate that the BoC will hike interest rates in July.

However, a lot will depend on the jobs data. While Canada's economy and inflation have increased strongly, a weak jobs report could potentially pour cold water on the BoC's plans for a July rate hike.

Adding to the uncertainty comes the fact that the U.S. decision to impose steel and aluminum tariffs on Canada could potentially signal that the NAFTA talks could also come out against Canada's favor.

With the BoC signaling the importance of the NAFTA talks, a better jobs report could potentially bring some confidence back on the table for a July rate hike.

Today's binary trading signal is USDCAD, the currency pair continues to remain trading in a sideways range. On an intraday basis, we expect to see a minor pullback ahead of further gains. We expect to see the currency pair posting a minor correction to 1.2960 before eventually closing higher on the day.

binary trading signal usdcad 08 jun 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.