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NPBFX - making money with us since 1996!
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[QUOTE="Antony_NPBFX, post: 195146, member: 38727"] [size=5][b]USD/CAD: the likelihood of a trend change is still low 10.05.2021 [/b][/size] Good afternoon, dear forum visitors! [url= https://www.tb.marketinstructor.com/?referer1=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] The USD/CAD pair is showing a downtrend, trading at 1.2115. CAD continues to look strong against the backdrop of the declining USD; however, Friday's labor market data from Canada made analysts question the strength of CAD. The Unemployment Rate in April rose from 7.5% to 8.1%, showing the most significant deterioration since March 2020. The Net Change in Employment decreased by 207.1K, which turned out to be much worse than the expected decline by 175.0K. Participation Rate fell to 64.9% from 65.2%. The USD/CAD pair did not change the trend only due to the fact that the situation on the US labor market turned out to be even worse. The Unemployment Rate in April rose from 6.0% to 6.1%. In turn, the employment rate fell in almost all sectors. The number of jobs in the manufacturing industry decreased by 18K, with a projected increase of 55K, and the number of Nonfarm Payrolls increased by 266K, with an expected increase of 978K. Thus, the target indicators for employment were again not reached, so raising interest rates by the US Fed is out of the question. [b] Support and resistance [/b] On the daily chart, the price continues to form a global descending channel. Technical indicators are in a state of sale: the range of EMA fluctuations on the Alligator indicator continues to expand, and the histogram of the AO oscillator is trading in the sales zone. Resistance levels: 1.2260, 1.2610. Support levels: 1.2050, 1.1800. [img]http://businesspr-finance.com/wp-content/uploads/2021/05/USDCAD100521-22.png[/img] [b] Trading tips [/b] If the asset continues declining and the price consolidates below 1.2050, short positions can be opened with the target at 1.1800. Stop-loss – 1.2150. Implementation time: 7 days and more. If the asset reverses and grows, and the price consolidates above 1.2260, long positions with the target of 1.2610 will be relevant. Stop-loss – 1.2150. [b]Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast[/b] You can learn more about the current situation on USD/CAD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as EUR/USD, GBP/USD, USD/JPY, AUD/USD. In order to get free and unlimited access to video forecast 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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