The US Dollar (USD) keeps moving upward against the Canadian Dollar (CAD) after the Department of Labor, the United States, released stats with respect to initial jobless claimants.
According to the figure, it remained 219.250K in July as compared to 222.500K in the month before. It, however, stayed lower than the figure anticipated by economists i-e 223.426K.
This indicator estimates the normal number for the last four arrivals of the Initial Jobless Claims, which are released every Thursday. It is distributed by the US Department of Labor as a proportion of the number of individuals recording first-time claims for state joblessness protection. It gives a proportion of solidarity in the work showcase. An expanding pattern in this number shows shortcoming in this market which impacts the quality and bearing of the US economy. It is to be noted that, a diminishing pattern ought to be taken as positive or bullish for the 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.