Instrument: GBPCAD
Bullish Preference:
Buy position is envisaged if the price trades above 1.70682 with take profit at 1.70820.
Bearish Preference:
Sell position is envisaged if the price trades below 1.70462 with take profit at 1.70351
Fundamentals:
CAD
1:30 PM Employment Change
1:30 PM Unemployment Rate
Comment:
Canadian jobs data are expected to rebound in June after the softer May report. The street is looking for a 20K gain while Scotia anticipates a 40K rise. Wage growth is expected to slow (4.6%) but remains at levels that are a clear impediment to the BoC achieving its inflation goal. Hours worked data will shed a little more light on evolving growth trends for Q2 which appear to outperform the BoC’s expectations.
Analysis: SCRUM Team
