We recently noticed that some third-party companies and individuals impersonated the TOP1 Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOP1 Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOP1 Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOP1 Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOP1 Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News USD/CAD Plummets to 1.3630 on the Back of Robust Canadian Employment Data

USD/CAD Plummets to 1.3630 on the Back of Robust Canadian Employment Data

The USD/CAD pair plummets to 1.3630 following robust Canadian employment data. A total of 90,4K new jobs were added to the Canadian labor market, whereas annual wage growth decelerated to 4.8%. Bostic stated that the central bank is unsure of the optimal timing and magnitude of interest rate reductions.

TOP1 Markets Analyst
2024-05-11
11231

USD:CAD 2.jpeg 

 

The USD/CAD pair is confronted with a significant decline to 1.3630 in the early New York trading session on Friday, following the release of robust Canadian employment data by Statistics Canada. Significantly more job-seekers were appointed by employers in April, 90,4K, according to the agency, compared to the consensus estimate of 18K. The labor market documented the termination of 2,200 employees in March.

 

The unemployment rate has remained unchanged at 6.1%, whereas investors have projected an increase to 6.2%. Conversely, from March to April, the annual average hourly wage decreased from 5% to 4.8%. Data on average hourly wages serves as a preeminent indicator of wage expansion. Consumer spending decelerates in response to sluggish wage growth, resulting in a dovish inflation outlook.

 

The Bank of Canada's (BoC) interest rate outlook is anticipated to be less influenced by overall employment data, as robust job additions will counterbalance decelerated wage growth.

 

In the meantime, the Canadian Dollar continues to be attractive as a result of the significant resurgence in the price of oil. Futures on West Texas Intermediate (WTI) on the New York Mellon Exchange (NYMEX) extended their winning streak into the third trading session on Friday, supported by strong rumors that the Federal Reserve (Fed) will transition to policy normalization following its September meeting. Notably, Canada is the preeminent exporter of crude oil to the United States, and an increase in oil prices provides support for the Canadian dollar.

 

A consistent deterioration in labor market conditions in the United States has constrained the upside potential of the dollar. Antennaically tracking the value of the US Dollar in relation to six prominent currencies, the US Dollar Index recovers marginally from the critical support level of 105.00. Although investors maintain a positive outlook regarding the potential initiation of interest rate reductions by the Federal Reserve in September, policymakers continue to harbor uncertainties regarding such actions. Atlanta Federal Reserve President Raphael Bostic stated during the American session that the central bank is contemplating rate decreases this year but is unsure of the timing and scope of quantitative easing.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free