In the midst of a big week for the USD, we cannot overlook major news for the Canadian dollar. BOC will come out with their monetary policy report tomorrow along with their overnight rate, which will probably maintain at 0.25%. CAD pairs are some of the hardest movers today which is probably due to the anticipation of tomorrow's news and rising oil prices.
The loonie looks stronger than some others, but it is still early in the week, and AUD and USD still have news to report throughout the week. In the longer term though, Canada's jobless rate is very high at 7.8%, 3.6% inflation, and weak GDP of 0.3% leads me to believe that the loonie is not a long term bullish play. Although they have a smaller inflation rate than the US, Canada's GDP is nothing notable compared to the US's GDP growth rate q/q of 6.4%. Australia's employment change is expected to be a mere 19K versus its last month's report of 115K, and unemployment is expected to remain unchanged at 5.1%. The Bank of Japan is set to release their monetary policy report this Thursday while the Japanese government gears up for giving out more stimulus, although the liberal democratic party is calling for an extra 30 trillion yen. This could help the yen in the short term, but overall, Canada's economy remains the stronger one. USDCAD- looks bullish AUDCAD- looks bearish CADJPY- looks bullish
UC is still in an uptrend from June, and price is up 0.47% on the day. The pair does look like it's pulling back from the highs, and major support is at 1.24867 if price continues to dip. A supportive trend line lies right below should the USD slip during the week.
AC has been in a channel since early June, and it looks bearish on this 4H timeframe as well. We have an overall downtrend while price hovers around its 200 SMA. Support lies below around 0.92909 and the bottom of the channel.
CJ bounced off support around 88.013 forming its second bottom on the 4H chart and is now heading for resistance around 88.400. A break in this level could lead to a test at higher resistance around 88.906.
AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.