We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Este site não fornece serviços de para residentes de Estados Unidos.
Market News The USD/CAD Trading Range Is Limited To 40 Pips As Investors Await US/Canada Employment Data

The USD/CAD Trading Range Is Limited To 40 Pips As Investors Await US/Canada Employment Data

The USD/CAD has established a narrow range ahead of the US/Canada employment report. The US labor market is loosening as companies relax their recruitment procedures. The Employment Change in Canada is anticipated to reach 12,000, and the Unemployment Rate could rise to 5.1%.

Daniel Rogers
2023-04-06
6716

 USD:CAD.png

 

In the early Asian session, the USD/CAD pair retraced below 1.3450 as the US Dollar Index (DXY) lost upside momentum after reaching the key resistance level of 102.00. As investors await the publication of the United States/Canada Employment data, the Loonie is anticipated to deliver a power-packed performance.

 

As a result of a slowdown in Job Openings and sluggish additions of new positions as measured by Automatic Data Processing, firms have slackened their recruitment efforts, easing the constrained US labor market. (ADP). This has prompted expectations that the Federal Reserve (Fed) will maintain interest rates at its May meeting.

 

In the meantime, S&P500 futures have resumed their decline, indicating a risk-averse market sentiment.

 

The Employment data will have an effect on the Canadian Dollar. The consensus forecast for Net Change in Employment is 12K, which is lower than the previous release of 21.8K. The unemployment rate is estimated to be 5.1%, up from 5.0% previously.

 

On an hourly time frame, the USD/CAD exchange rate is exhibiting an Inverted Flag chart pattern. The Inverted Flag is a trend-following pattern characterized by a prolonged consolidation followed by a collapse. Typically, the consolidation phase of a chart pattern functions as an inventory adjustment in which participants initiate short positions, which prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size.

 

The Canadian dollar has been unable to maintain a position above the 50-period Exponential Moving Average (EMA) at 1.3458, indicating further weakness ahead.

 

Meanwhile, the Relative Strength Index (RSI) (14) is limited at 60.00 on the upside. A breach of the adverse 20.00-40.00 range will activate the downward momentum.

 

A break below the low of April 04, 1.3406, would expose the asset to a fresh six-week low near 1.3350, the low of February 6 followed by round-level support at 1.3300.

 

In an alternative scenario, a move above the psychological resistance of 1.3500 would transfer impetus in favor of US Dollar bulls, propelling the asset toward the highs of 1.3559 and 1.3619 from March 31 and March 29 respectively.


Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free