The Loonie’s gains against the dollar disappeared like honeybees on a rainy day during the New York session. USD/CAD hit rock-bottom at 1.0078 during yesterday’s trading, before it soared to its intraday high at 1.0212. It then ended Thursday at 1.0186 with the Loonie nursing a 78-pip loss against the dollar. So, what’s the buzz?
Well, aside from investors locking in profits ahead of the [NFP](http://www.babypips.com/forexpedia/Employment_Report) report, there was also the bad figures from the country’s construction sector. The number of new building projects authorized for construction in August fell by a whopping 9.2%! This might have ticked off a few Loonie bulls because the forecast was a softer decline at 2.0% following July’s -3.8% reading.
I wonder if the com-doll will get a boost from the economic hollers we have on tap for it today. At 11:00 am GMT, market participants are expecting to see the labor market to have added a net total of 10,000 workers in September while the rate of joblessness projected to have remained at 8.1%. Then just minutes before the NFP at 12:15 pm GMT, we’ll get a sneak peek on the country’s housing market. Analysts are anticipating to see that 179,000 residential buildings started construction in September.
If you’re planning to go long on the Loonie, you better keep your fingers crossed for better-than-expected figures as these may be bullish for the currency.
That’s all folks! Be extra-careful with your trades today, aight?