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Anzo Lim

USD/CAD - Canada Shows Strong Employment in September

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Statistics Canada’s recent survey suggests employment rose by 53,700 in September, driven by gains in full-time work. The unemployment rate dropped 0.2 percentage points from 5.7% to 5.5%.

 

On the other hand, US Federal Reserve has resumed Treasury bond purchase, scheduling a monthly purchase of about 60 billion USDs short term bond, starting from October 15th. According to CME (Chicago Mercantile Exchange)s latest observation on US Federal Reserve, theres a 87.1% possibility for the Fed to cut interest rate by 0.25% in October.

 

Therefore, USD/CAD will be weighed down and will likely fall to around 1.3100.

 

USD/CAD daily pivot points: 1.3204-1.3234

 

S1:1.3149               R1:1.3278

 

S2:1.3065               R2:1.3353

 

Source: WikiFX

 

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