OCT 13, 2021
- Canadian employment back to pre-pandemic level
- Unemployment rate at the lowest level since the pandemic
- Potential downside for NZD/CAD
Chart 1: NZD/CAD D1 chart
Statistics Canada released a strong jobs report last Friday. 157,100 jobs were created in September, close to tripling the amount expected while unemployment rate declined to 6.9% as expected. At the moment, the Canadian job market has recovered all the jobs lost during the pandemic and the unemployment rate is at the lowest since the pandemic. As a result of the strong jobs report, the Canadian dollar strengthened across the board. Furthermore, the recent rise in oil prices boosted the Canadian dollar further.
The strengthening of the Canadian dollar has caused NZD/CAD to trade lower towards the 0.86 handle. At the moment, the downward momentum seems to be slowing down. If NZD/CAD’s momentum were to continue downwards and break below the 0.86 handle, look for selling opportunities.
Trade Setup for NZD/CAD (D1)
Sell Stop at 0.8570
Upcoming news that may impact price movement of NZD/CAD
18 October – New Zealand CPI q/q data release at 0545 (GMT+8)
20 October –Canadian CPI m/m data release at 2030 (GMT+8)
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