In the first week of August, the forex market is closely watching the UK Construction PMI and Canada’s Unemployment Rate, alongside price movements in major currency pairs and gold. With UK PMI expected to remain below 50 and Canada’s unemployment rate forecast to tick higher to 7%, what could this mean for GBP/USD and USD/CAD?
This Forex Weekly Recap breaks down key macroeconomic data, price action, and trade setups so you can prepare for the trading week ahead. But first, let’s look back at last week’s major releases and how they moved the market.
Previous Week (July 31 – Aug 1, 2025) Macroeconomic Events & Market Recap
Canada GDP m/m (–0.1%): Back-to-back monthly contractions highlight Canada’s fragile economy, weighing on CAD and pushing USD/CAD higher.
U.S. Non-Farm Payrolls (+73K vs. 106K forecast): Below expectations, signaling labor market weakness and sparking a sharp 200-pip rally in EUR/USD.
Previous Week Technical Recap
EUR/USD: Bounced from old support, forming a bullish leg, though further downside possible before another rebound.
USD/CHF: Continued downtrend, but signs of potential recovery as CHF strength slows.
Current Week (Aug 6–8, 2025) Key Events & Market Outlook
UK Construction PMI (Forecast: 49.2, Prev: 48.8): Still in contraction; outcome will guide GBP/USD direction.
Canada Unemployment Rate (Forecast: 7.0%, Prev: 6.9%): Labor market softening could pressure CAD if higher-than-expected.
Current Week Technical Setups
EUR/USD: Testing support on the 4H chart; potential for further weakness.
GBP/USD: Hovering near key support; downside risk if level breaks.
USD/CAD: Retested breakout level, trending higher with bullish momentum.
XAU/USD (Gold): Weekly trend remains up, but price shows potential for decline if it fails the daily breakout retest.
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Timestamps:
00:00 Introduction
04:13 Canada GDP m/m – Two Months of Contraction, USD/CAD Moves Higher
08:31 U.S. NFP at 73K – EUR/USD Surges +200 Pips
16:00 EUR/USD Technical Outlook – Support Retest Ahead?
16:47 USD/CHF – Persistent Downtrend, Signs of Recovery
19:02 UK Construction PMI Preview – What It Means for GBP/USD
22:31 Canada Unemployment Rate Forecast – Impact on USD/CAD
27:54 EUR/USD Near-Term Weakness Possible
28:30 GBP/USD Testing Key Support Area
29:36 USD/CAD Breakout Retest, Bullish Momentum Builds
30:18 Gold (XAU/USD) – Weekly Uptrend, Daily Breakdown Risk
31:30 Closing Remarks
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Disclaimer:
The content presented in this TRUCast webinar is intended for educational and informational purposes only. Nothing discussed should be considered financial advice, investment recommendations, or an offer to buy or sell any securities. All opinions expressed are those of the speakers and do not necessarily reflect the views of Traders United or its affiliates.
Investing and trading involve risk, including the potential loss of capital. Past performance does not guarantee future results. TRU is not liable for any financial decisions made based on the content of this webinar.
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