As per usual, the Non-Farm payrolls report is scheduled for release on the first Friday of the new month by the Bureau of Labor Statistics in the US.
The US unemployment somewhat surprisingly jumped in February by 0.1 percentage points for the first time in three months. Back then, the overall unemployment was recorded at 3.6 per cent, which is still reasonably close to the 50-years low.
The projections for Friday's release include anticipation for a reduction of the rate back to the 3.5 per cent level. The labour market is expected to have grown by 185 thousand new jobs in February. In comparison, the number of newly employed persons in January was 225 thousand.
US Unemployment Rate. Image source: TradingEconomics.com
The justification for these expectations for robust employment growth is owing to the general optimism that was prevalent in February. The US economy had just started to recover from the trade war with China, prior to the rising panic from the coronavirus.
Back then, the US industry was exhibiting solid signs of expanding, which should affect the labour market positively as well.
Meanwhile, the release of the Canadian labour data simultaneously with the NFP report is very likely to bolster the underlying volatility on the USDCAD. The Canadian unemployment rate is currently standing at 5.5 per cent.
The USDCAD is currently exhibiting early signs of a potential reversal in the direction of its price action.
The formation of a shooting star candlestick underscores the waning market commitment for the further development of the current trend, and the MACD is illustrative of waning bullish momentum.
USDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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