On Friday, February 7, 2025, Canada released employment data showing:
Employment Change: An increase of 76.0K jobs, significantly exceeding the forecast of 25.5K and lower than the previous 90.9K.
Unemployment Rate: A decrease to 6.6%, better than the forecast of 6.8% and the previous 6.7%.
Impact on EUR/CAD in the Coming Weeks:
Bearish Candle Close: The week closing with a red bearish candle suggests initial selling pressure.
Positive Canadian Data: The better-than-expected Canadian employment data could strengthen the CAD, potentially pushing EUR/CAD lower. A cooling economy could weaken the CAD.
Technical Analysis: Technical analysis suggests a bullish to bearish outlook because we have a break out of monthly descending trend line and as well as break of monthly demand floor which could see more drop in EURCAD before rally in price..so we have a case of 50/50 ,be cautious.
EUR/CAD Trade Directional Bias:
Bearish Bias: Given the positive Canadian employment data, which is likely to strengthen the Canadian dollar, there could be a bearish bias for EUR/CAD in the coming weeks. Look for potential support and buy but keep in mind of the weekly bearish candle closed on on break of structure.
Other Economic Data Prints Affecting EUR/CAD Direction:
Eurozone Data: German ZEW Economic Sentiment and the broader ZEW Economic Sentiment for the Eurozone, which are indicators of investor sentiment and economic expectations, might impact the EURCAD.
US Economic Data: Disappointing economic data and uncertainty around Federal Reserve policies in the U.S. may impact the EURCAD.
Bank of Canada (BOC) Decisions: Keep an eye on the Bank of Canada's (BOC) interest rate decisions by Tiff Macklem who is the current Governor of the Bank of Canada.
Crude Oil Prices: The decline of crude oil prices may impact the Canadian dollar.
US Senate Confirmation: US retail sales headline economic data may impact EURCAD.
US Interest Rates and Yield Spreads: US interest rates and yield spreads may impact EURCAD
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice.
Trade at your own risk ,and apply proper risk management.
Employment Change: An increase of 76.0K jobs, significantly exceeding the forecast of 25.5K and lower than the previous 90.9K.
Unemployment Rate: A decrease to 6.6%, better than the forecast of 6.8% and the previous 6.7%.
Impact on EUR/CAD in the Coming Weeks:
Bearish Candle Close: The week closing with a red bearish candle suggests initial selling pressure.
Positive Canadian Data: The better-than-expected Canadian employment data could strengthen the CAD, potentially pushing EUR/CAD lower. A cooling economy could weaken the CAD.
Technical Analysis: Technical analysis suggests a bullish to bearish outlook because we have a break out of monthly descending trend line and as well as break of monthly demand floor which could see more drop in EURCAD before rally in price..so we have a case of 50/50 ,be cautious.
EUR/CAD Trade Directional Bias:
Bearish Bias: Given the positive Canadian employment data, which is likely to strengthen the Canadian dollar, there could be a bearish bias for EUR/CAD in the coming weeks. Look for potential support and buy but keep in mind of the weekly bearish candle closed on on break of structure.
Other Economic Data Prints Affecting EUR/CAD Direction:
Eurozone Data: German ZEW Economic Sentiment and the broader ZEW Economic Sentiment for the Eurozone, which are indicators of investor sentiment and economic expectations, might impact the EURCAD.
US Economic Data: Disappointing economic data and uncertainty around Federal Reserve policies in the U.S. may impact the EURCAD.
Bank of Canada (BOC) Decisions: Keep an eye on the Bank of Canada's (BOC) interest rate decisions by Tiff Macklem who is the current Governor of the Bank of Canada.
Crude Oil Prices: The decline of crude oil prices may impact the Canadian dollar.
US Senate Confirmation: US retail sales headline economic data may impact EURCAD.
US Interest Rates and Yield Spreads: US interest rates and yield spreads may impact EURCAD
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice.
Trade at your own risk ,and apply proper risk management.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.