Economic calendar: CAD and grains in the spotlight

There are two noteworthy releases scheduled in today’s calendar. Firstly, the Canadian labour market report for January will be released in the early afternoon therefore one should expects increased volatility on the CAD market. Secondly, both regular and delayed WASDE reports will see daylight today so grain traders should keep on guard.

1:30 pm GMT - Canada, Labour market report for January. After last week’s NFP report the time has come to see numbers from Canada. Market consensus expects an employment change of 8.1k against last month’s 9.3k increase. The unemployment rate should tick higher from 5.6% to 5.7%. Note that the Canadian dollar was underperforming against the USD this week therefore strong labour market report could help currency regain ground at the end of the week.

5:00 pm GMT - WASDE report. Today’s WASDE report release will be a special one. Investors will be served the newest numbers as well as figures from the US government shutdown period. Expectations ahead of the release are somewhat bullish for soybean and corn. Significant spike in volatility on soybean, corn and cotton markets is expected in the aftermath of the publication.

Central bank speakers scheduled for today:

  • 6:15 pm GMT - Fed’s Daly

Major US companies reporting earnings today:

  • Exelon (EXC.US)

  • Goodyear Tire & Rubber (GT.US)

  • PG&E (PCG.US)

  • Phillips 66 (PSX.US)

USDCAD halted pullback at the support zone ranging below 1.31 handle. The pair moved significantly higher this week and is trading a notch below the resistance zone ranging 1.3330-1.3370. Strong labour market report from Canada could help the pair distance away from this hurdle. Source: xStation5

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