FXOpen
In anticipation of the release of one of the most important reports, the NonFarm Payrolls, the US currency has suffered losses across almost all fronts. Earlier this week, the EUR/USD currency pair tested and settled above 1.0800, GBP/USD traded above 1.2700, and USD/CAD fell back to 1.3610.
Today, we might see either continued corrective pullbacks or a resumption of medium-term trends if the employment data deviates from expectations. So, what should we expect?
- Experts forecast a decline in average earnings to 0.3% (if the figure comes in at last month's level or higher, it could strengthen the US currency).
- The number of new jobs in June is expected to be 194K (if the figure is significantly higher or lower than the forecast, it could cause volatility in major currency pairs).
USD/CAD
Dollar buyers in the USD/CAD pair failed to overcome resistance at 1.3750. A rebound from this level led to the formation of a "bearish engulfing" pattern on the daily timeframe. According to the technical analysis of USD/CAD, the price has approached the lower boundary of the medium-term flat corridor at 1.3610. If the price consolidates below this level in the coming trading sessions, the downward movement could continue towards 1.3520-1.3480. A rebound from 1.3610 could lead to a retest of 1.3700-1.3660.
Read analytical USD/CAD price forecasts for 2024 and beyond.
EUR/USD
Technical analysis of EUR/USD suggests the potential for continued growth towards 1.0900, as the price has exited the medium-term flat corridor of 1.0760-1.0650. A break in the upward impulse is possible if the price returns to the specified corridor and consolidates below 1.0760. Besides the publication of US employment data, the following events are worth noting today:
- At 10:00 (GMT +3:00) a speech by the President of the German Bundesbank, Nagel.
- At 12:00 (GMT +3:00) the release of retail sales volumes in the Eurozone for May.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Brent Crude Oil Price Hits the Highest Level Since 1 May
Analysing the oil price on 19th June, we wrote that:
→ Amidst increasing demand for oil during the holiday season, Goldman Sachs analysts suggested that by the end of summer, the Brent price could rise to $86 per barrel with an
The EUR/GBP rate fluctuates under the influence of political factors
On 10th June, we wrote that the EUR/GBP rate fell to a 21-month low after the European Parliament elections. Political fundamental factors continue to influence this pair.
As Reuters reports:
→ The euro is down on Monday amid unexpectedly strong
CPI Report: How Can You Use It in Trading?
The Consumer Price Index (CPI) report is a vital economic indicator that measures inflation by tracking changes in the prices of goods and services. Understanding CPI data is crucial for traders as it influences interest rates, market trends, and investment