Impact Insights | Canadian Unemployment Rate | CAD
Canadian Unemployment Rate: Friday 9th February 2024, 12.30 PM AEDT (1.30 AM GMT)
Welcome to Impact Insights, traders!! We’re dedicated to highlighting significant market events in the upcoming period. Our goal is to ensure you stay well-informed about crucial developments and provide guidance to help you strategise effectively.
This Friday, our focus shifts to Canada’s key economic metric, the Unemployment Rate, as we assess its potential impact on the USDCAD and its sustained bullish momentum since the start of the year. We’ve conducted a thorough analysis, integrating essential price levels to provide comprehensive insights into possible outcomes.
What’s covered:
- News Highlights for USDCAD
- What is the Canadian Unemployment Rate?
- Top 3 Assets Affected
- USDCAD | Daily Chart
- Save the date (Add to Calendar)
News Highlights for USDCAD
According to Société Générale analysts, the USDCAD pair is currently aiming to surpass the 1.3540 level. They note that the pair’s technical outlook suggests a potential move towards the December peak of 1.3620, with key support identified at 1.3350.
The USDCAD pair is showing signs of regaining upward momentum, as evidenced by its attempt to break above the trend line established last November. Additionally, the daily MACD indicator has entered positive territory, further supporting this upward trajectory.
A retest of the 1.3540 level, which represents a 50% retracement from November, is anticipated. Should this level be breached, it could pave the way for further gains towards the December peak levels of 1.3620 and 1.3730. Notably, the recent pivot low at 1.3350 is highlighted as a crucial level of support for the pair.
Previous: 5.9%
Forecast: 5.8%
What is the Canadian Unemployment Rate?
The Canadian Unemployment Rate measures the percentage of the labour force that is unemployed and actively seeking work. This key economic indicator influences market sentiment, currency movement, and interest rates. Positive employment data can strengthen the Canadian dollar, while negative data may weaken it. Employment trends are also linked to economic growth, offering traders insights into potential shifts in the economy and opportunities in currency pairs involving the CAD.
Top 3 Assets Affected
For information on other assets affected by this event, log in to your client portal.
AUDUSD | Daily Chart
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This article was generated with the assistance of AI tools and reviewed by an Eightcap analyst.
Currency Markets | Canadian Economy | Unemployment Rate | Consumer Behavior | CAD | Market Sentiment | Trading Strategies | Investment Decisions
The information provided on this article are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.