The US Dollar (USD) keeps moving upward against the Canadian Dollar (CAD) after the Department of Labor, United States, released a promising figure indicating a bullish trend for the US Dollar. The Non-Farm Payrolls remained 224K in June as compared to 72K in the month before. It is way higher than the figure anticipated by economists i-e 160K.
The nonfarm payrolls released by the US Department of Labor exhibits the number of new openings made during the earlier month, in all non-horticultural business. The month to month changes in payrolls can be amazingly unpredictable, because of its high connection with monetary approach choices made by the Central Bank. The number is additionally subject to solid surveys in the up and coming months, and those audits likewise will in general trigger unpredictability in the forex board. As a rule, a high perusing is viewed as positive (or bullish) for the USD, while a low perusing is viewed as a negative (or bearish) market for the US Dollar (USD).
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%. The weekly greenish candle showed in the graph below represents the clear image with respect to the successful recovery of the US Dollar.
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.