forex USD/CAD - Canada Shows Strong Employment in September

[Anzo Lim 0]

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 USD’s short term bond, starting from October 15^th. According to CME (Chicago Mercantile Exchange)’s latest observation on US Federal Reserve, there’s 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

[JavieCoentr 2]

Great news