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To close the week, traders have a few event risks that could bring some renewed volatility to the commodities space.
Specifically, monthly data out of the Canadian labor markets will be released before the North American open on Friday, and these numbers should give day traders a better indication of the potential strength or weakness that is likely to be seen in the Canadian dollar for the remainder of the summer.
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Consensus estimates are calling for a monthly addition of 24,000 jobs, along with a drop in the national employment rate to 7.1 percent.
If the number comes in better than the analyst expectations, expect the USD/CAD forex pair to move back toward support in the 0.90 region. But there will be implications for commodities traders, as well.
This is because of the high price correlations that are seen between assets like the Australian and Canadian Dollar and in the precious metals space. Any trend changes in the USD/CAD can create the potential for short-term price moves in the SPDR Gold Trust ETF (NYSE: GLD) and iShares Silver Trust ETF (NYSE: SLV).
For these reasons, it will be important for metals traders to watch the outcome seen in the Canadian labor market data, as there is a good chance the release could be the trading day’s main driver.
Chart Perspective: GLD
(Chart Source: CornerTrader)
Prices in GLD have started to show some upside, with the most commonly traded precious metals ETF now hitting new highs above 126.
This region marks a significant range resistance zone, however, so we will likely need to see a strong surprise in the Canadian employment figures in order to give gold assets the boost they need to close at new highs for the week.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.