Forex traders will eagerly await the release of the August NFP report out of the US. Economists anticipate solid employment gains in the private sector with a minor slowdown in earnings on an annualized basis. Will today’s NFP report rally UD Dollar bulls after the sell-off we witnessed in September so far? The US Fed is expected to cut interest rates again this month and officials are watching the strength of the labor market as the global economy is slowing down as well as inflationary pressures from the wage sector. How will the USDCAD trade after the release of the August NFP report? Subscribe to the PaxForex Daily Fundamental Analysis where you can grow your balance trade-by-trade!

Simultaneously with the NFP report out of the US, Canada will release its employment report for August. Expectations call for a reversal of July’s job losses which came in bigger than anticipated. Hourly earnings for permanent employees have been strong at 4.5% annualized and are favored to clock in at the same gain in August. This is adding inflationary pressures and may prevent the Bank of Canada from easing interest rates, further providing a boost to the USDCAD. Will today’s Canadian employment report deliver and rally the Canadian Dollar against the US Dollar? Today’s fundamental analysis will explore price action in both directions.