On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
Trading plan for April 23
Monday is a good day to brace yourself and trade! We gathered pairs that will show the most interesting movement at the start of the week.
The euro area will release flash manufacturing and services PMIs for April. This is the most recent data for the European economy, so it will be important for the euro. The single currency will be awaiting the meeting of the European Central Bank that will take place on Thursday. Later in the day, US existing home sales may affect the market. After the recent selloff, the euro may lose grounds and move to the support at 1.2235 and at 1.2210. If the pair attempts to recover, the resistance will lie at 1.2315.
The British pound was hit by comments of the Bank of England’s Governor Mark Carney. Traders no longer think that the central bank will raise rates in May. Below 1.40 the pair will be vulnerable for a decline to 1.3950, 1.39.
Canadian data disappointed on Friday and oil came under pressure as well. As a result, Canadian dollar depreciated and may have further troubles. It means that the USD/CAD pair may continue a correction up. A potential target is at 1.28.
Thank you for your attention!
The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?
The USD is strong after the comments of the Federal Reserve members. Gold is under the impact of contradictory factors. Watch the video to get trade ideas for EUR/USD, USD/JPY, XAU/USD, and XBR/USD!
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.