Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
10 Mar 2023

USD/CAD bears dive in and eye strong correction prospects after jobs data

  • USD/CAD bears move in aggressively on the Canadian jobs reports and a miss in US UR.
  • US Dollar is under pressure as a consequence of the NFP disappointments. 

USD/CAD fell to a low of 1.3766 from a high of 1.3862 following both the US Nonfarm Payrolls and the Canadian Employment report. The Canada jobs gain has doubled expectations which throw the rate pause sentiment into scrutiny while the US Unemployment Rate ticked high unexpectedly, adding fuel to the USD/CAD's bears engine. 

  • Canadian Net Change in Employment Febuuary: 21.8K (exp 10.0K; prev 150.0K).
  • Previous month:150K. In December jobs rose 69K
  • Employment gain for February 21.8K vs 10.0K estimate.
  • Unemployment rate 5.0% vs 5.1% expected.
  • Full-time employment 31.1K vs 121.1K last month.
  • Part-time employment -9.3K vs 28.9K last month.
  • Participation rate 65.7% versus 65.7% expected.
  • Average hourly wages permanent employees 5.4% versus 4.5% last month.

US Nonfarm Payrolls

  • US change in Nonfarm Payrolls Feb: 311K (exp 225K; prev 517K).
  • REVISIONS - US Change in Nonfarm Payrolls Feb: 311K (exp 225K; prev 517K; prevR 504K).
  • US Unemployment Rate Feb: 3.6% (exp 3.4%; prev 3.4%).
  • US Average Hourly Earnings (MoM) Feb: 0.2% (exp 0.3%; prev 0.3%).
  • Average Hourly Earnings (YoY) Feb: 4.6% (exp 4.7%; prev 4.4%).

The main disappointments come in the Unemployment Rate while average hourly earnings were a big disappointment also. The DXY US Dollar index fell to a low of 104.6660 after the data from 105.1620 ahead of the data. 

USD/CAD technical analysis

The price is higher on the daily chart and could be due for a correction back into the prior resistance that meets a 50% mean reversion area.

Mar 10, 2023

USD/JPY: A bigger retracement could be on the horizon – MUFG

Governor Kuroda’s last monetary policy meeting ended without any surprise policy changes. USD/JPY jumped in reaction. However, economists at MUFG Bank
Read more Previous
Mar 10, 2023

EUR/USD: Further rise to 1.12 until mid-2024 – Commerzbank

Economists at Commerzbank have adjusted their EUR/USD forecast for the next year. EUR is likely to weaken again in the second half of next year “We no
Read more Next