Canada Employment Changes m/m 08/07/09

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7:00am (NY Time) CA Employment Change Forecast -19K Previous -7.4K

Definition
Measures the change in 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 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.

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Update
Overwhelming worse than expected number at -44.5K moved USD/CAD immediately up about 60+ pips, but then market refused to retrace and give a decent entry as I waited patiently for about 30 minutes, then because of the NFP coming up in less than 30 minutes (from this moment), I decided it is best to stay out of the market.

About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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