USD/CAD increases volatility

Source: Dukascopy Bank SA


At 12:30 GMT on Friday, the USD/CAD currency exchange rate increased volatility to 40 pips during a period of ten minutes. The move was caused by US and Canadian monthly employment data.

In general, the first move down was caused by a sell off of the USD that was caused worse than forecast employment data. Afterwards, an immediate recovery was fuelled by a similar situation in Canadian Employment Data.

The drop of the USD was attributed to the Non-Farm Employment Change being at 266K instead of the market forecast 990K. In addition, previous month's data was revised downwards by almost 150K.

Meanwhile, the US Unemployment Rate was at 6.1% instead of the expected 5.8%. Average Hourly Earnings came in better than expected at 0.7% instead of the forecast 0.0% change.

The following decline of the Canadian Dollar occurred due to the Canadian Employment Change being at negative 207,1K instead of the expected negative 160.5K. In addition, the Unemployment Rate of the country now stands at 8.1% instead of expected 7.8%.
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Actual Topics

Wed, 12 May 2021 06:17:38 GMT

GBP reacts to GDP data

On Wednesday, at 06:00 GMT, the UK Preliminary GDP data was released. The results came in at -1.5% instead of the market forecast -1.6%. Due to this reason, the value of the British Pound adjusted to the upside. On the GBP/USD this resulted in a 13 base point move up.

Fri, 07 May 2021 12:51:18 GMT

US Employment data beats down USD

On Friday, at 12:30 GMT, the release of US Employment data sets caused a surge of the EUR/USD of 71 base points. In addition, an all-out decline of the US Dollar was taking place. The drop was attributed to the Non-Farm Employment Change being at 266K instead of the market forecast 990K. In addition, previous month's data was revised downwards

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