The US Dollar (USD) rose higher against the Canadian Dollar (CAD) after a decrease is recorded in stats released by the Department of Labor, United States.

With a reported figure of 1.686M with respect to jobless claims, it went remained lower than the figure recorded in the month before. However, the economist’s expected much more than that.

It is to be noted that the number of continuing jobless claims represents people who were unemployed during the course of time and were receiving the unemployment benefits from the government of the United States.

It shows the strength of the labor market in the US followed by a good or bad impact of consumer spendings. An increase in the figure indicates a bearish market for the US Dollar (USD) whereas a decrease signals a bullish market for the US Dollar (USD).

Since the US Dollar (USD) succeeded in rising up over the last two weeks, it is anticipated that it will continue its journey following the bullish trend. The consensus of the market leaders also seems on a positive edge with a predicted value of 1.675M. The weekly greenish candle showed in the graph below represents the clear image with respect to the successful recovery of the US Dollar.

Conclusion

Trading the USDCAD at current levels cant be a better idea to start with. However, traders looking for a short term position may also try their fate for sure.