{"id":128106,"date":"2018-06-08T07:01:42","date_gmt":"2018-06-08T11:01:42","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=128106"},"modified":"2018-06-08T06:02:27","modified_gmt":"2018-06-08T10:02:27","slug":"canada-unemployment-rate-expected-to-remain-unchanged","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/canada-unemployment-rate-expected-to-remain-unchanged\/","title":{"rendered":"Canada unemployment rate expected to remain unchanged"},"content":{"rendered":"
June 8, 2018<\/div>
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By Orbex<\/a><\/strong><\/p>\n

The U.S. dollar continued to trade mixed while the euro currency maintained its strong position. Sentiment in the euro remained firm following the ECB\u2019s Chief economists comments about a possible\u00a0discussion on QE exit at next week\u2019s meeting.<\/p>\n

Sentiment in the U.S. dollar was also subdued with Mexico announcing trade tariffs on exports from the U.S. while the EU is also expected to hit back at the U.S. with a similar response.<\/p>\n

On the economic front, the Eurozone fourth quarter\u00a0GDP\u00a0was confirmed at 0.4% as widely expected.<\/p>\n

Economic data for the day ahead will see the industrial production figures from Germany and trade balance data as well. This is followed by data from France.<\/p>\n

The European trading session is relatively quiet with no major releases of impact. In the NY trading session, the Canadian jobs report will be coming out. Economists expect to see the unemployment rate staying unchanged at 5.8% and expect 19.1k jobs that will be added during the month of May.<\/p>

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EURUSD intra-day analysis<\/strong><\/h2>\n

\"eurusd<\/a><\/p>\n

EURUSD (1.1793):<\/strong>\u00a0The EURUSD currency pair posted gains on Thursday as price action clearly breached the resistance level at 1.1730. However, indications of a hidden bearish divergence on the daily chart suggest a pullback toward 1.1730 to establish support ahead of further gains. To the upside, resistance level near 1.1959 \u2013 1.1920 remains the short-term target. On the 4-hour chart, we could expect to see a minor reversal following the minor resistance level at 1.1846 \u2013 1.1824 region.<\/p>\n

USDJPY intra-day analysis<\/strong><\/h2>\n

\"usdjpy<\/a><\/p>\n

USDJPY (109.74):<\/strong>\u00a0The USDJPY currency pair drifted lower on Thursday as price action tested the support level of 109.57 \u2013 109.43 as mentioned on Wednesday. With the 4-hour Stochastics pointing to a lower low against a flat price action, the support level is likely to hold. This could post a rebound off the support level sending USDJPY to potentially target the next main resistance level at 110.62. Failure to rally toward the resistance level could likely signal a downside in price.<\/p>\n

XAUUSD intra-day analysis<\/strong><\/h2>\n

\"xauusd<\/a><\/p>\n

XAUUSD (1296.03):<\/strong>\u00a0Gold prices have been trading flat and the rather choppy price action continues to show consolidation below the 1301 level of resistance. With price action breaching the outer trend line of the falling price channel, we expect to see this consolidation continue. However, an upside breakout is imminent closer towards next week\u2019s FOMC and ECB meetings. A breakout above 1304 \u2013 1301 is likely to signal a correction to the upside targeting 1325.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The U.S. dollar continued to trade mixed while the euro currency maintained its strong position. Sentiment in the euro remained firm following the ECB\u2019s Chief economists comments about a possible\u00a0discussion on QE exit at next week\u2019s meeting. Sentiment in the U.S. dollar was also subdued with Mexico announcing trade tariffs on exports from […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-128106","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=128106"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128106\/revisions"}],"predecessor-version":[{"id":128113,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128106\/revisions\/128113"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=128106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=128106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=128106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}