The US Dollar (USD) is slipping up against the Canadian Dollar (CAD) after a high figure is posted for the stats reported by the Department of Labor, Bureau of Labor Statistics. It is likely to rise even more after a bearish trend. With a recorded 3.6 percent figure for unit labor cost.

The Labor Cost Framework represents a total labor cost. It can act as a measure of the cost of production, share prices, and inflation rates.

Being a sensitive indicator, labor cost plays a significant role in shaping up the US economy. Reading higher than the previous one shows a bullish market for the US Dollar (USD) whereas a lower reading indicates inflation and alarms devaluation of the same.

Since the US Dollar succeeded in rising up over the last week, 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 0.2%.

Conclusion

Trading the USDCAD at current levels may not be a better idea to start with. However, traders looking for a short term position may try their fate for sure.