Don’t waste your time – keep track of how NFP affects the US dollar!
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These days we are kind of focusing on the USA, China or the UK. As breaking news from these countries are coming out so often that traders hardly keep up with them. Donald Trump alone can shake the market. So, for some time we left Canada aside. And now, there is something to see there!
Things are the same in Canada like everywhere now: the national lockdown, the poor economic activity and a huge amount of jobs lost. This is hard enough. Unfortunately, it’s not over. In addition, the drop in oil prices worsened the situation.
On April 15 the Bank of Canada announced the expanding of its first quantitative easing program. As a result, the Canadian dollar weakened. And, forecasts are bearish as oil prices aren’t going to rise in the near term and nobody knows how long the lockdown will last.
So, let’s have a look at the CAD/JPY pair. After the announcement of the QE program, the price went down. Resistance lines are on 76.94 and 76.57. If the CAD/JPY break down through 38.2% Fibonacci retracement level or the 76.185 mark, it will possibly continue falling down. The support line is on 75.73.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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