The Fundamental FOREX Blog

Tomorrow, Friday, 02-05-10 at 7:00 AM ET Canada is releasing their monthly Net Employment Change and Unemployment Rate. These reports are released by “Statistics Canada”. -

I did a post “follow up” of last months reports, you can click here to see that post.

These two reports are at times conflicting, so  –  be aware!

Here is the set up tomorrow:

CAD Employment Change stats:

Previous = -2.6K

Forecast = 15.2K

CAD Unemployment Rate stats:

Previous = 8.5%

Forecast = 8.5%

Even though the Unemployment Rate “forecast“ does not change from the “previous“, it could have a positive affect on the Canadian economy if the “actual“ comes out that way.

And, the “forecast” for the Employment Change shows an expected improvement in the Canadian economy.

Here is how I am set up for tomorrow:

CAD-5-00AM-02-05-10
Looking for a 20K difference
Actual > Forecast = Good for CAD
CAD Employment Change
——actual———-forecast———-previous
________________15.2K________-2.6K
Emp. Rate_______ 8.5% _________8.5%
out at -4.8Kor more negative – BUY GBP/CAD
out at 35.2K or higher – SELL GBP/CAD

Again, I will be looking for at least a 15K to 20K difference between the “actual” and the “forecast” of the Change in Employment – also, at least a 0.1% change in the Unemployment rate. Of course, both either in favor of or against the CAD.

The currency pair GBP/CAD looks good for my trade set up, I won 2 trades last month with this currency pair.

I did post a “follow up” soon after, click here to see what happened.

The next schedule release of these reports is Friday, 03-12-10 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!