Canada Employment Change July Preview: Loonie awaits a weak US NFP

FXStreet Team FXStreet

Statistics Canada reports on the July net change in employment are due at 12:30 GMT. Job rolls are expected to add 400,000 workers in July while the unemployment rate is forecast to drop to 11% from 12.3%. Impact on the loonie moves relies on the US NFP report rather than Canadian data. USD/CAD could move lower if the US adds less than the 1.6 million jobs expected.

Key quotes

“National payrolls are forecast to expand by 400,000. The unemployment rate is expected to drop to 11% from 12.3% and the participation rate should rise to 65.4% from 63.8% in June.”

“The record of a stronger recovery in the Canadian labor market is likely to continue in July. The pertinent question for the USD/CAD is the state of the US job market. If the forecasts are on target at 1.6 million or less the USD weakness will continue. If NFP is stronger than predictions the degree of dollar impact will equate closely to the size of the payroll number.”

Author

FXStreet Team

FXStreet

EUR/USD: Bears retain control below 1.1780-1.1770 confluence breakpoint

The EUR/USD pair remains on the back foot through the Asian session on Friday and currently trades just above mid-1.1700s, well within striking distance of a nearly one-month low set the previous day.

GBP/USD seems vulnerable near one-month low as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

Gold sticks to recent gains around the $5,000-mark early Friday, biding time before the high-impact US macro events. The focus is now on the US fourth-quarter Gross Domestic Product, core Personal Consumption Expenditures Price Index and the Supreme Court’s ruling on President Donald Trump’s tariffs.

Bitcoin, Ethereum and Ripple remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.