The Fundamental FOREX Blog

Tomorrow, Friday, 06-04-10 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.

I did have 2 winning trades and 3 losing trades last month of the currency pair GBP/CAD.

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

Here is the set up tomorrow:

CAD Employment Change stats:

Previous = 108.7K

Forecast = 16.8K

CAD Unemployment Rate stats:

Previous = 8.1%

Forecast = 8.1%

The Unemployment Rate “forecast“ shows no change.

And, the “forecast” for the Employment Change is not good for the Canadian economy.

Here is how I am set up for tomorrow:

CAD-7-00AM-ET-06-04-10
Looking for a 20K difference
Actual > Forecast = Good for CAD
CAD Employment Change
——actual——–forecast———previous
______________16.8K_______108.7K
out at -3.2K or less – BUY GBP/CAD
out at 36.8K or higher – SELL GBP/CAD
Actual < Forecast = Good for CAD
CAD Unemployment Rate
______________ 8.1%________ 8.1%

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

The next schedule release of these reports is Friday, 07-09-10 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!