Election may push gold up
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
USD/CAD: Canadian positive data vs US negative data
Information is not investment advice
The Canadian employment change has been released at the same time with the US PPI. The best opportunity of this week for traders!
What happened?
- 952 900 Canadians have been hired during June. Analysts expected that only 700 000 people would find jobs. This data gave a good sign that the Canadian labor market is gradually recovering. In comparison, the previous report showed that 289 600 people were employed during May. However, the Canadian unemployment rate came worse than expected: 12.3%, that was more by 0.3% than the forecast.
- Two types of Producer Price Indexes (PPI) were released: the Core PPI and the PPI. The Core PPI shows the change in the price of finished goods and services sold by producers, excluding food and energy. Unlike it, the PPI includes food and energy. Both of them turned out worse than analysts anticipated. The results you can see below.
Actual Forecast Previous
Core PPI -0.3% 0.1 -0.1%
PPI -0.2% 0.4% 0.4%
How to trade USD/CAD?
Opportunities like this come along quite rarely. The Canadian dollar got two tailwinds at the same time. As a result, USD/CAD started moving down. Based on fundamental factors we can assume that the pair should go down further. It has already broken through two moving averages, but there is one left – the 50-period moving average at 1.3570. If the price crosses it, it may plummet to the next support level at 1.3525, which it has touched several times already. The move below this level will push the price to the low of June 9 at 1.3375. Resistance levels are at 1.3610 and 1.3685.
Similar
Brexit deadline is set on Halloween
GBP/USD has bounced off the key support of 1.30 and turned to the upside. The pound is widely anticipated to rally further amid rising hopes for the end of Brexit talks this weekend on Halloween.
Bad days for the greenback
The USD is trading at its 7-week low, and it looks like it will continue falling further. Why?
Popular
Election may push gold up
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
USD/JPY trades to a new session low
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.
Dollar keeps slightly softer as risk on returns
Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month
Choose your payment system
