Canadian Employment Change

Fx News Spike Signals by Crazy Cat, 2020/05/08

Release Time: 08:30 New York time (EST)
Primary currency pair: EUR/CAD, USD/CAD
Forecast: -4000K
Prior: -1010.7K
LT1 (Lower Trigger 1): --- [BUY]
UT1 (Upper Trigger 1): +++ [SELL]

Due to COVID19, I don't have any triggers recommendation. Just use your own, or skip this report. The data is for April so it's fairly fresh but the situation is still very dynamic.

Unfortunately, we will also have US Non-Farm Payroll coming out almost at the same time so at the minimum I would recommend staying away from USD/CAD. Please note that EUR/CAD can also be affected by the U.S. report but if the deviation is large enough, perhaps it's worthy to give a try and take a risk.

This report is usually released about 1 second before U.S. Non-Farm Payroll, and if you use SNW Elite or SNW Enterprise, you can set it up as a Group 2 report and trade independently. You cannot, however, set up a conflict resolution feature with the U.S. reports because they are not released exactly at the same time.

Based on 19 estimates, the median estimate is -4000K and the average estimate is -3721K. The highest estimate is -199K (one vote), and then -1200K (one vote), -1500K (one vote), -2090K (one vote), and -3000K (one vote), -3200K (one vote), and -3800K (one vote).

The lowest estimate is -5500K (one vote), then -5000K (four votes), -4700K (one vote), -4500K (three estimates), and finally -4000K (three estimates). One standard deviation is +/- 1449K, "slightly" higher than last month. ;-)

Please note that SNW Enterprise is usually much faster than SNW Elite or Pro for Canadian reports.

Keep in mind we will also have the unemployment rate coming out. If they conflict with each other, I would try to exit as soon as possible.

Remember that while higher Canadian Employment is good for CAD (selling pressure on USD/CAD or EUR/CAD), the higher unemployment rate is bad for CAD (buying pressure on USD/CAD or EUR/CAD). Therefore, ideally, we would like to see higher employment change and the lower unemployment rate, or lower employment change and higher unemployment rate.

It is always good to visit our Forex economic calendar so you can check past charts for this report. Sometimes this report works really well, sometimes doesn't work at all so it's good to know what to expect.

Forex news history and charts

Go back to the Forex Market News listing

Copyright © 2014 Secret Weapons LLC. All Rights Reserved.   Contact Us | Affiliates | Privacy Policy

Risk disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Past performance is not necessarily indicative of future results. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as educational material and general market commentary, and does not constitute investment advice. Seek a licensed advisor. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.