Stavro D'Amore
Former FPA Special Consultant
- Messages
- 547
CA Employment Change
Forecast 17.7K
Previous 28.4K
Pair to trade: USD/CAD
Triggers we need: BUY 47K SELL -12K
Economical Impact: High
Typical Result: Forecast is good for the currency
Occurrence: Released monthly, about 8 days after the month ends
About the Triggers:
Canadian Employment Change - I am looking for is a minimum deviation of 30K both ways, if we get a positive 47K release, we should see a very strong demand for the Looney (CAD) and see it drop more than 40 pips on the initial spike. If we get a negative number, -12K or worse, we should see some weakness in the CAD and some dollar strength that will be the indication to buy USD/CAD pair.
Please be very diligent as the unemployment rate is due to come out the same time at the expected rate of 7.4%. This number should not conflict with the Employment Changes; we will follow the direction of the news release.
If we get a conflict, example: better Employment Changes but higher Unemployment Rate, I will not trade this release.
Why do we care?
This is one of the most vital economic data, released shortly after the month ends for the Canadian economy. The combination of importance and earliness makes for hefty market impacts and massive volatility.
Method to trade this: Stavro D’Amore Trading Method
I would recommend spike trading as the best option when there is great uncertainty in the markets; also the liquidity is very good at the moment if you are using an ECN broker.
Should you not get a spike trade, I will look for a 30% retrace in the original spike before entering a trade; I will sell half my position as soon as I hit the original high point of the first initial spike and place a SL at entry price. My TP level would be the first initial spike, I will be looking at a 1min chart for this trade, especially if I am trading the after spike.
Historical Chart and Data for CA Employment Change
What is CA Employment Change?
“Measures the change in the number of employed people during the previous month. A rising trend has a positive effect on the nation’s currency. Job creation is an important indicator of economic health because of consumer spending, which is highly correlated with labour conditions, makes up a large portion of GDP. This report is the first of the month that relates to labour conditions, making it susceptible to big surprises.”
All the best
Stavro D’Amore
Forecast 17.7K
Previous 28.4K
Pair to trade: USD/CAD
Triggers we need: BUY 47K SELL -12K
Economical Impact: High
Typical Result: Forecast is good for the currency
Occurrence: Released monthly, about 8 days after the month ends
About the Triggers:
Canadian Employment Change - I am looking for is a minimum deviation of 30K both ways, if we get a positive 47K release, we should see a very strong demand for the Looney (CAD) and see it drop more than 40 pips on the initial spike. If we get a negative number, -12K or worse, we should see some weakness in the CAD and some dollar strength that will be the indication to buy USD/CAD pair.
Please be very diligent as the unemployment rate is due to come out the same time at the expected rate of 7.4%. This number should not conflict with the Employment Changes; we will follow the direction of the news release.
If we get a conflict, example: better Employment Changes but higher Unemployment Rate, I will not trade this release.
Why do we care?
This is one of the most vital economic data, released shortly after the month ends for the Canadian economy. The combination of importance and earliness makes for hefty market impacts and massive volatility.
Method to trade this: Stavro D’Amore Trading Method
I would recommend spike trading as the best option when there is great uncertainty in the markets; also the liquidity is very good at the moment if you are using an ECN broker.
Should you not get a spike trade, I will look for a 30% retrace in the original spike before entering a trade; I will sell half my position as soon as I hit the original high point of the first initial spike and place a SL at entry price. My TP level would be the first initial spike, I will be looking at a 1min chart for this trade, especially if I am trading the after spike.
Historical Chart and Data for CA Employment Change
What is CA Employment Change?
“Measures the change in the number of employed people during the previous month. A rising trend has a positive effect on the nation’s currency. Job creation is an important indicator of economic health because of consumer spending, which is highly correlated with labour conditions, makes up a large portion of GDP. This report is the first of the month that relates to labour conditions, making it susceptible to big surprises.”
All the best
Stavro D’Amore
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