☑️USDCAD: accelerating for takeoff
➡️ USDCAD is holding at 1.24320 after positive results from both US NFP payrolls and Canadian employment data. Technically, the pair is above the balance sheet (which was broken upwards), which indicates the bullish tone of the pair for today. The DXY Index continues to rise.
The number of jobs in the US non-agricultural sector in September amounted to +531 thousand, against the forecast of +425 thousand. Data on the Canadian labor market were published. The change in employment in the country in October reached 31.2 thousand compared to the forecast of 42 thousand, which is likely to put pressure on the couple at the end of the week. However, the unemployment rate fell 0.2 percentage points to 6.7%, although the participation rate reached 65.3% versus 65.5% last month.
Bearish impulses from profit-taking, technical selling, big US inventory builds, concerns about demand in China (where a new Covid-19 outbreak is kicking off), and concerns that the US might release oil from its strategic reserve has outweighed the (widely expected) OPEC+ decision not to increase output in December by more than the 400K barrels per day/month rate stipulated in the cartel's current agreement. Looking ahead, with the Canadian economic calendar bare next week, choppiness in crude oil markets will remain a key driver of the pair.
At the moment, it is assumed that the pair will be able to stay above the balance and go up. As always, my presumed deal is below. Also, on the chart called "ORDER var. No. 2" I have considered another option for entering a long. The entry point is the same, only the location of Stop Loss and Take Profit changes. Most likely, for someone, such a setup is more preferable, since Stop Loss is placed outside the balance.
🔔Proposed deal for this tool🔔:
🔵Entry Point - 1.24320
⛔️Stop Loss - 1.23700
✅Take Profit - 1.25562
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
The number of jobs in the US non-agricultural sector in September amounted to +531 thousand, against the forecast of +425 thousand. Data on the Canadian labor market were published. The change in employment in the country in October reached 31.2 thousand compared to the forecast of 42 thousand, which is likely to put pressure on the couple at the end of the week. However, the unemployment rate fell 0.2 percentage points to 6.7%, although the participation rate reached 65.3% versus 65.5% last month.
Bearish impulses from profit-taking, technical selling, big US inventory builds, concerns about demand in China (where a new Covid-19 outbreak is kicking off), and concerns that the US might release oil from its strategic reserve has outweighed the (widely expected) OPEC+ decision not to increase output in December by more than the 400K barrels per day/month rate stipulated in the cartel's current agreement. Looking ahead, with the Canadian economic calendar bare next week, choppiness in crude oil markets will remain a key driver of the pair.
At the moment, it is assumed that the pair will be able to stay above the balance and go up. As always, my presumed deal is below. Also, on the chart called "ORDER var. No. 2" I have considered another option for entering a long. The entry point is the same, only the location of Stop Loss and Take Profit changes. Most likely, for someone, such a setup is more preferable, since Stop Loss is placed outside the balance.
🔔Proposed deal for this tool🔔:
🔵Entry Point - 1.24320
⛔️Stop Loss - 1.23700
✅Take Profit - 1.25562
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
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