Analyst
The monthly job report from the United States is very significant, especially the Non-farm payrolls, because of its impact on the policy of the Federal Reserve. The Chair of the Federal Reserve at the last FOMC meeting clarified that the bank plans to keep its word by announcing its tapering plan at its November meeting. The timing and speed of the tapering will receive more clarity after the release of the data today as inflationary pressure remains high.
The expectation of positive job data increased after the latest release of positive ADP Non-farm data and only a big deviation from the forecast will elicit a decisive market move. If the job data beat forecast, it would increase the possibility of starting tapering as early as next month, but weaker than expected data comes with caution in implementing tapering.
The importance of the number from the US has overshadowed the Unemployment rate and Employment Change data expected from Statistics Canada, but it creates opportunities for currency traders to enjoy more volatility on USDCAD.
If the data from the United States comes out positive and the data from Canada does not and vice versa, USDCAD will be the best option for currency traders.
In case the two countries enjoy positive data or the data comes out weaker than expected, the best alternative would be to consider each of the two currencies against other major currencies.
USD: EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, AUDUSD, NZDUSD.
CAD: USDCAD, EURCAD, and GBPCAD
Employment Change (CAD) 1:30 PM
Unemployment Rate (CAD) 1:30 PM
Average Hourly Earnings m/m (USD) 1:30 PM
Non-Farm Employment Change (USD) 1:30 PM
Unemployment Rate (USD) 1:30 PM
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