- CA unemployment rate inches higher from 7.0% to 7.1%
- CA loses 9.4K jobs vs. 20.0K uptick expected
- US June budget statement $70.5B vs. $79B expected
Thanks to a lack of market-moving reports, most of the major currencies traded on tight summer ranges during Friday’s U.S. forex trading session. The only mover worth noting is the Loonie, which was affected by Canada’s employment reports.
Canada’s economy created 33,500 full-time jobs but lost around 43,000 part-time jobs in June. This yielded a net of -9,400 jobs and brought the unemployment rate to 7.1%. Analysts had been expected a net +20,000 jobs for the month. Unfortunately for the Loonie bulls, the numbers also hinted that there would be no rate hikes from the BoC in the near future.
USD/CAD rocketed by 98 pips to 1.0734 throughout the session while GBP/CAD saw a whopping 159-pip jump to 1.8378. Even EUR/CAD saw a 50-pip increase to 1.4606 while CAD/JPY fell by 86 pips to 94.40.
Will there be any retracement or continuation for the Loonie traders today? The only report scheduled over the next couple of hours is Japan’s revised industrial production numbers at 4:30 am GMT. The report, especially in its revised forms, doesn’t usually affect the Asian markets much. Instead, keep a close eye on risk sentiment and earnings reports from major Asian market companies.
Good luck and good trading!
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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!