On Friday 11-06-09 at 7:00 AM ET Canada released their monthly Employment Change and Unemployment Rate. These reports are released by “Statistics Canada”.
On Thursday, 11-05-09 I wrote a “preview” post of these reports, click here for a review.
The Employment Change came out worse then “forecast” by 53.5K, and worse then “previous” by 73.9K. This was real bad for the CAD Employment.
The Unemployment Rate went higher then “forecast” by 0.2%, and was higher then the “previous” by 0.2%. Also, this was real bad for the CAD Employment rate.
Both of these reports came out against the CAD and was a real surprise for currency traders.
I did not monitor any non CAD involved currency pairs.
Here is what happened:
CAD Employment Change stats:
Previous = 30.6K
Forecast = 10.3K
Actual = -43.2K
Bad – lower then “forecast” by 53.5K, lower then the “previous” by 73.9K.
CAD Unemployment Rate stats:
Previous = 8.4%
Forecast = 8.4%
Actual = 8.6%
I have to make a correction here – this “Change in Employment rate” was “GOOD” for the Canadian economy, not as indicated below.
Bad – higher then the “forecast” 0.2%, higher then the “previous” by 0.2%
Both of these reports came out bad for the Canadian economy – but for some reason the traders were kind to the CAD – what happened here?
Here are the charts!!
a one minute CAD/JPY chart
This CAD/JPY currency pair spiked down 1st minute about 44 PIPS – then reversed up the next 16 minutes about 31 PIPS – wrong direction!?? -Right direction!
a one minute EUR/CAD chart
This EUR/CAD currency pair spiked up 1st minute about 71 PIPS – then reversed down the next 16 minutes about 60 PIPS – wrong direction!?? – Right direction!
a one minute GBP/CAD chart
This GBP/CAD currency pair spiked up 1st minute about 86 PIPS – then reversed down the next 16 minutes about 80 PIPS – wrong direction!?? – Right direction!
a one minute USD/CAD chart
This USD/CAD currency pair spiked up 1st minute about 52 PIPS – then reversed down the next 16 minutes about 47 PIPS – wrong direction!?? – Right direction!
I did not enter a trade.
The next scheduled release of these reports will be on Friday 12-04-09 at 7:00 AM ET.
I will probably post a “preview” a day or two prior.
Remember, “Past performances are not an indication of future results!”
Stay tuned!
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