The Fundamental FOREX Blog

Tomorrow, Friday, 08-06-10 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 enter 1 trade with the currency pair CAD/JPY which was a winner.

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

Here is the set up tomorrow:

CAD Employment Change stats:

Previous = 93.2K

Forecast = 10.3K

CAD Unemployment Rate stats:

Previous = 7.9%

Forecast = 7.9%

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-08-06-10
Looking for a 20K difference
Actual > Forecast = Good for CAD
CAD Employment Change
——actual——–forecast———previous
______________10.3K_______93.2K
out at -10.3K or less – BUY GBP/CAD
out at 30.3K or higher – SELL GBP/CAD
Actual < Forecast = Good for CAD
CAD Unemployment Rate
________________ 7.9%________ 7.9%

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 CAD/JPY was good last month, but the currency pair GBP/CAD moved in the right direction about 165 PIPS in 57 minutes – I will try that pair for my trade set up this time.

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

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