Friday is going to be an important day for the Canadian economy as well, because unemployment data is going to be released at the same time as US unemployment, at 12.30 UTC, likely causing volatility for the USDCAD currency pair. Because of its close ties with the US and the interdependence of its national economy on the oil sector, Canada has been one of those countries that have suffered from the global trade woes, and 2019's Q1 has proven to be a tough one for the country thus far.
Even though the unemployment report from the 4th of January showed better than expected results, the data from February disappointed and Canadian unemployment persisted at the same 5.8% rate after last month's report. In the hours after the release of the unemployment rate last time the USD/CAD depreciated with more than a 100 pips, which opens up the possibility for short-term price speculation following the simultaneous release of the two reports this Friday.
The overall expectation is that the unemployment rate would remain at the same level at 5.8%.
USDCAD 4H Chart. Image source: Trendsharks ©, created with TradingView.com
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