Following yesterday’s widely expected euro-zone interest rate hike, the euro started today’s trading on a high note, hitting fresh highs against the US dollar and yen. With no significant news set to be released from the euro-zone or US, traders can expect the 17-nation single currency to maintain its current trend as we close out markets for the week.
Today, attention will want to be given to a batch of Canadian news. The CAD has recently turned bullish against the US dollar. Whether or not it will continue this trend will likely be determined by the following news events:
11:00 GMT-Canadian Employment Change
The monthly employment report is forecasted to show that Canada added around 27.8K jobs last month, a sharp increase over March’s figure. If true, traders can expect the loonie to go bullish against its main currency rivals, including the dollar and euro.
11:00 GMT- Canadian Unemployment Rate
The indicator is forecasted to show that unemployment in Canada has dropped from 7.8% to 7.7%. If true, the CAD is likely to find further support and move up against its main rivals to close out the week.
