The unemployment rate in Canada declined down to the lowest level since Jan 2009 (7,4 %) while the amount of new jobs increased by 22 300. The full employment in Canada grew by 32 900. The private sector saw a 37 100 increase. However, there was a 44 300 decline in the public sector.
Statistics Canada also reported that the productivity of labor had increased by 0.4, which turned out worse than expected.
The unemployment rate has been declining for 3 months, which helps the Canadian Dollar to strengthen against other currencies.
FOREX.
USDCAD continues the flattish retracement against the long-term downtrend. According to the experts of the Department of Masterforex-V trading system , the retracement is mid-term (H8). The price keeps forming wave c(C ) H8 while 0,9876 is the closest target. A break below the MF pivot and sloping channel (as shown below) will start a downward momentum which then may continue the long-term uptrend. The MF pivot and sloping channel will become the closest support levels.
