The unemployment rate in Canada is 7.1% which is a 12 month high.
The reasons unemployment is rising are mostly because of low oil prices that triggered layoffs in the energy sector.
Canadians will go to vote today (Binary Option Event) and the cad currency will be the asset to trade once the results are out later today and early morning tomorrow.
There are two scenarios which can reflect a strong movement by the cad currency.
The first is a conservative minority government. This could be the weakest coalition and new elections would be on the table. In this case CALL options on the USD/CAD would become very attractive.
The second scenario is a liberal minority government which should be welcomed by the markets as they can keep a strong coalition and help the energy sector. In this case PUT options on the USD/CAD should become attractive.
IBM will publish its earnings today after markets (Yahoo tomorrow)
The forecast for EPS number is $3.33 and revenue of $19.5 billion.
Will the cloud business grow? That could be the main factor today as last earnings report showed a massive 70% growth in cloud sales.