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Canada Unemployment Rate Preview

Canada Unemployment Rate Preview

The Canadian Labour Force Survey report, released by Statistics Canada, is scheduled for release at 15:30 GMT+3, on June 9. Markets expect the Unemployment Rate to tick higher to 5.1% in May from 5% in April. Net Change in Employment, which rose by 41,400 in April, is forecast to increase by 23,200.

Ahead of next week’s CPI data from the US and the Federal Reserve’s policy announcements, investors are unlikely to take large US Dollar (USD) positions. Hence, Canada’s jobs report could influence USD/CAD’s action ahead of the weekend. 

In case USD/CAD gathers bullish momentum after the employment data, it is likely to face first resistance at 1.3400 (psychological level, static level) before 1.3450 (Fibonacci 38.2% retracement).

About the Employment Change

The Employment Change released by Statistics Canada is a measure of the change in the number of employed people in Canada. A rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive, or bullish for the Canadian Dollar, while a low reading is seen as negative or bearish.

About the Unemployment Rate

The Unemployment Rate released by Statistics Canada is the number of unemployed workers divided by the total civilian labour force. It is a leading indicator for the Canadian Economy. If the rate is up, it indicates a lack of expansion within the Canadian labour market. As a result, a rise normally leads to a weakening of the Canadian Dollar. Otherwise, a decrease of the figure is usually seen as positive (or bullish) for the CAD.

Please note, due to the King’s Birthday on Monday 12th June 2023, the Australian 200 Index will open late at 10.10 GMT+3.

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