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NPBFX - making money with us since 1996!
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[QUOTE="Antony_NPBFX, post: 213804, member: 38727"] [size=5][b]USD/CAD: multidirectional trading dynamics 10.10.2022 [/b][/size] Good afternoon, dear forum visitors! [url=http://www.npbfx.com/?utm_campaign=company&utm_medium=forumpost&utm_source=earnforex.com]NPBFX[/url] offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading. [b]Current trend[/b] During the Asian session, the USD/CAD pair is trading ambiguously, close to 1.3730. Market activity remains low as markets in the US and Canada are closed earlier in the week for national celebrations. Nevertheless, investors have at their disposal enough macroeconomic statistics for analysis. So, last Friday, the US and Canada published their report on labor markets for September: American data inspired traders with a sharp decline in the unemployment rate from 3.7% to 3.5%, as well as a moderate increase in the number of new jobs outside the agricultural sector by 263.0K, which was slightly better than the market's expectations of an increase of 250.0K. The average hourly wage slowed from 5.2% to 5.0%, maintaining the same rate of increase of 0.3% MoM. Investors believed that strong data on the labor market would allow the US Federal Reserve to continue tightening monetary policy. The next meeting of the regulator should take place in early November. Canadian statistics were no less optimistic: the change in the number of employed in September increased by 21.1K after a decrease of 39.7K last month, although forecasts suggested an increase of 20.0K. The unemployment rate fell from 5.4% to 5 .2%, staying above the 5.0% level for the fourth consecutive month, and the average hourly wage fell from 5.58% to 5.2%. Immigration Minister Sean Fraser said the government would begin implementing a new reform that will allow more than 500K international students already in Canada to work more than 20 hours a week from November 15, 2022, to December 31, 2023. The initiative aims to address the labor shortage in the country. [b]Support and resistance[/b] On the daily chart, Bollinger Bands are rising steadily: the price range is narrowing, reflecting the ambiguous nature of trading in the short term. The MACD indicator maintains an upward trend and a poor buy signal (the histogram is above the signal line). Stochastic is growing steadily, quickly approaching its highs, reflecting that USD may become overbought in the ultra-short term. Resistance levels: 1.3759, 1.3836, 1.3900, 1.4000. Support levels: 1.3700, 1.3650, 1.3600, 1.3500. [img]https://i.ibb.co/st6csh7/usdcad-10102022-55.png[/img] [img]https://i.ibb.co/gSpKS3G/usdcad-10102022-66.png[/img] [b]Trading tips [/b] Long positions may be opened after the breakout of 1.3759 with the target at 1.3900. Stop loss – 1.3690. Implementation period: 1–2 days. Short positions may be opened after the rebound from 1.3759 and the breakdown of 1.3700 with the target at 1.3600. Stop loss – 1.3759. [b]Use more opportunities of the NPBFX analytical portal: E-book[/b] If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more. You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register 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 [url=https://my.npbfx.com/register/?utm_campaign=register&utm_medium=forumpost&utm_source=earnforex.com]NPBFX[/url]. [/QUOTE]
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