Solid News

Analysts Predict Poor Data on the Canadian Labor Market

2/10/2023 12:35 PM

The USD/CAD pair continues its local flat dynamics at 1.3463.

This year's first data on the Canadian labor market, which will be published tonight, may show a slowdown in employment growth to 15.0K from 104.0K in December, and the share of the economically active population may decline from a local peak of 65.0%. Analysts suggest an increase in the unemployment rate to 5.1% from 5.0% in December, which will not benefit the downtrend in the pair.

The US dollar consolidated around 103.200 in the USD Index. Yesterday's data on initial jobless claims disappointed investors: after Friday's growth in employment, a decrease in the number of applications for benefits was expected, but the figure reached 196.0K, up from 183.0K last week, and the total number of citizens receiving assistance from the state rose to 1.688M people from 1.650M earlier.

On the daily chart, the trading instrument is moving within the global Triangle pattern with dynamically narrowing boundaries 1.3580–1.3250, rising towards the resistance line.

Technical indicators signal a local correction: the range of EMA fluctuations on the Alligator indicator is narrowing, and the AO histogram forms ascending bars, rising in the sell zone.

Resistance levels: 1.3500, 1.3670. | Support levels: 1.3390, 1.3250.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Disclaimer 1: Solid ECN Securities LLC and it affiliates does not accept clients from Turkey, United States, and Europe.
Disclaimer 2: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Copyright All Right Reserved 2023