We´ll be getting the Canadian Employment Change release figure along with the US Nonfarm Payroll at the same time. It is never good to just focus on this release or USDCAD pair as the main focus should be on the US NFP release.
However, as we have seen before, if both releases do not conflict, then USDCAD could become the best performing pair as traders push it to the next level.
8:30 am (NY Time) CAD Employment Change Forecast 15.0K Previous 10.9K
The Trade Plan
I´ll also pay close attention to the unemployment rate, which is expected at 6.6%. As long as this number does not conflict with the Employment Changes, we should follow the direction of the news release. If we get a conflict, such as better Employment Changes but higher Unemployment Rate, then we´ll need to look at the context of the market before taking the trade.
I´ll be looking to trade this release using my after-news Retracement Method. To find out more about my trading system, read: http://www.currencynewstrading.com/how-to-get-started-with-news-trading/
I’d recommend using the Recommended Pairs from above as they are based on my CSM, which should provide the best combination of currency pairs to trade based on better/worse news… of course, you can also trade the default pair: USDCAD.
Outlook Score Outlook score is derived from market sentiment, focus, and economic indicators for the currency. It represents the long-term trend of the currency and its market perception. In short, a strong Outlook Score means more long-term demand for the currency, and a weak Outlook Score is an opposite.
DEFINITION “Measures the change in the number of employed people during the previous month. A rising trend has a positive effect on the nation´s currency. Job creation is an important indicator of economic health because of consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.”
CA Employment Change | October 6, 2017 | Forex Trading
October 1, 2017 by Leave a Comment