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Loonie Flies On As Labour Market is Brightening -

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    • Loonie Flies On As Labour Market is Brightening
Apr, 08th 16:05

On Thursday, Fed President Yellen restated that the central bank will carry on increasing interest rate in a cautious way process. Due to the relatively weak economic growth, the rate hike road now is project two times this year. After the December decision, Fed is not likely to raise interest at least in the first half of this year. Yesterday, the dollar index DXY closed at 94.51, after tumbling to 94.239. This was the six-month lowest since October 2015.

The US Labor Department yesterday reported that the advance figure for seasonally adjusted initial claims was 267,000 for the week ending on April 02. These are lower than level of 276,000 in the previous week. Last week’s data marks 57 consecutive weeks of initial claims below 300,000. This indicates healthy labor market conditions, which is a positive signal for the economy.

Today, the firm economic indicators from Germany pushed the oil price up, as an increase in energy demand expected. The U.S. West Texas Intermediate WTI was trading around $39, climbing up about 1.3% from the last close price. The Loonie seems to stronger as the oil prices’ ascending.

The Canada’s Labour Force Survey for March released today reported that unemployment rate was down by 0.2 percentage point to 7.1%. The country’s employment in the first quarter rose for the fourth consecutive quarter with 0.2% employment growth. The satisfactory signals from the labour market is boosting up the Canada dollar.

usdcad

Fig. USDCAD H4 Technical Chart

After testing the resistance of 1.32192, USDCAD is under pressure from the dots bang hanging above. ADX hovers around 25.2404, DI+ stays under the DI-, indicating that the bear market is forming. RSI is standing at 38.6240 and pointing down, the price is anticipated to dim further and reach the support of 1.29637.

Trade suggestion

Buy Digital Call Option at 1.30174, Buy Digital Put Option at 1.29622.

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