Canadian and US Employment Data: A Comparative Analysis
Canadian and US Employment Data: A Comparative Analysis
Today, two of the world's major economies are scheduled to release their employment data.
Bank of Canada is expected to report a Net Change in Employment for January at 25,000, down from 90,900 in the previous month.
Meanwhile, the US will release the Nonfarm Payrolls (NFP) data for January, with expectations set at 170,000, compared to 256,000 previously.
Here are potential scenarios and their implications:
Both Countries Miss Expectations: If both Canada and the US miss their respective employment data expectations, USDCAD may remain relatively unchanged.
Higher CAD Employment Data, NFP In Line with Expectations: Should the Canadian employment data exceed the previous month's figures while the NFP data meets expectations, USDCAD might move downwards.
NFP Above Expectations: If the NFP data surpasses expectations, we may see USDCAD rising further, impacting the exchange rate more significantly.
As of now, USDCAD is still within its pattern, indicating potential for further growth. Stay tuned to see how the data unfolds and impacts the markets.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Today, two of the world's major economies are scheduled to release their employment data.
Bank of Canada is expected to report a Net Change in Employment for January at 25,000, down from 90,900 in the previous month.
Meanwhile, the US will release the Nonfarm Payrolls (NFP) data for January, with expectations set at 170,000, compared to 256,000 previously.
Here are potential scenarios and their implications:
Both Countries Miss Expectations: If both Canada and the US miss their respective employment data expectations, USDCAD may remain relatively unchanged.
Higher CAD Employment Data, NFP In Line with Expectations: Should the Canadian employment data exceed the previous month's figures while the NFP data meets expectations, USDCAD might move downwards.
NFP Above Expectations: If the NFP data surpasses expectations, we may see USDCAD rising further, impacting the exchange rate more significantly.
As of now, USDCAD is still within its pattern, indicating potential for further growth. Stay tuned to see how the data unfolds and impacts the markets.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Trade active
USDCAD reached the first target and it has the potential to rise further.
The first target was reached two times during the news and
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.