On Friday 09-04-09 at 7:00 AM ET Canada released their monthly Employment Change and Unemployment Rate. These reports are released by “Statistics Canada”.
On Thursday, 09-03-09 I wrote a “preview” post of these reports, click here for a review.
Last month I wrote a post previewing that months release as well as a follow up – click
here to see that “preview”.
You can click here to see the “follow up”.
The Employment Change came out better than “forecast” by 47.4K, this was real good for the CAD Employment, and the Unemployment Rate went up only a scant 0.1 %, it must have had more of an impact on the FOREX market than the Employment Change.
None of the CAD involved currency pairs that I monitor moved in the “predicted” direction after the initial spike the first minute when the report was released. All had about the same chart pattern, spiked, then reversed and then a sort of ranging went on.
I traded the GBP/CAD currency pair, and was stopped out after 7 minutes.
The non CAD involved currency pairs, EUR/USD and GBP/USD did very little.
Here is what happened:
CAD Employment Change stats:
Previous = -44.5K
Forecast = -20.3K revised = -12.4K
Actual = 27.1K
Cad Unemployment Rate stats:
Previous = 8.6%
Forecast = 8.8% revised = 8.7%
Actual = 8.7%
a one minute GBP/CAD chart
This GBP/CAD currency pair spiked down the first minute of the report release, which was as predicted, but it then reversed up.
I expected it to retrace just a little and then head back down again, so, after my broker “spread” and “slippage” had returned to normal, I entered a “sell” trade – the above chart shows what happened. This was basically how the other CAD involved currency pairs acted.
The next scheduled release of these reports will be on Friday 10-09-09 at 7:00 AM ET.
Remember, “Past performances are not an indication of future results!”
Stay tuned!
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