Antony_NPBFX
NPBFX Representative (unconfirmed)
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USD/CAD: the US dollar remains under pressure 10.01.2022
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.
Current trend
During the Asian session, the USD/CAD pair shows ambiguous trading dynamics, consolidating near the level of 1.2650 around the local lows of December 8.
The American currency remains under moderate pressure after publishing ambiguous statistics on the US labor market for December last Friday. In particular, the number of new jobs amounted to only 199K, having fallen from the previous 249K, although the market forecasts assumed a steady growth of 400K. The published data are slightly at odds with the earlier released minutes of the US Federal Reserve, in which the American regulator tried to take a tougher stance about the reduction of existing incentives.
In turn, the corresponding Canadian report, published at the same time as the American one, was a little more optimistic. The employment indicator for December slowed down from 153.7K to 54.7K but was much better than experts' expectations of 27.5K. At the same time, the unemployment rate, as in the case of the United States, fell from 6% to 5.9%.
Support and resistance
On the daily chart, Bollinger bands steadily decline. The price range expands but not as fast as the "bearish" dynamics develop. The MACD indicator is going down, maintaining a strong sell signal (the histogram is below the signal line). Stochastic maintains a confident downward trend, but it is near its lows, signaling the dollar may become oversold in the ultra-short term.
Resistance levels: 1.2700, 1.2743, 1.2777, 1.2812.
Support levels: 1.2600, 1.2558, 1.2500, 1.2450.
Trading tips
Long positions may be opened after the breakout of 1.2700 with the target at 1.2812. Stop loss – 1.2640. Implementation period: 2–3 days.
Short positions may be opened after the breakdown of 1.2600 with the target at 1.2500. Stop loss – 1.2650.
Use more opportunities of the NPBFX analytical portal: economic calendar
Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/CAD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.
Current trend
During the Asian session, the USD/CAD pair shows ambiguous trading dynamics, consolidating near the level of 1.2650 around the local lows of December 8.
The American currency remains under moderate pressure after publishing ambiguous statistics on the US labor market for December last Friday. In particular, the number of new jobs amounted to only 199K, having fallen from the previous 249K, although the market forecasts assumed a steady growth of 400K. The published data are slightly at odds with the earlier released minutes of the US Federal Reserve, in which the American regulator tried to take a tougher stance about the reduction of existing incentives.
In turn, the corresponding Canadian report, published at the same time as the American one, was a little more optimistic. The employment indicator for December slowed down from 153.7K to 54.7K but was much better than experts' expectations of 27.5K. At the same time, the unemployment rate, as in the case of the United States, fell from 6% to 5.9%.
Support and resistance
On the daily chart, Bollinger bands steadily decline. The price range expands but not as fast as the "bearish" dynamics develop. The MACD indicator is going down, maintaining a strong sell signal (the histogram is below the signal line). Stochastic maintains a confident downward trend, but it is near its lows, signaling the dollar may become oversold in the ultra-short term.
Resistance levels: 1.2700, 1.2743, 1.2777, 1.2812.
Support levels: 1.2600, 1.2558, 1.2500, 1.2450.
Trading tips
Long positions may be opened after the breakout of 1.2700 with the target at 1.2812. Stop loss – 1.2640. Implementation period: 2–3 days.
Short positions may be opened after the breakdown of 1.2600 with the target at 1.2500. Stop loss – 1.2650.
Use more opportunities of the NPBFX analytical portal: economic calendar
Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/CAD and trade efficiently with NPBFX.