See on the chart: U/C fluctuated two times above 1.04718. U/C just broke that key level if market provided important data.
Now, once again, U/C is above that key resistance level, it becomes a strong support level. To broke it, market needs to provide data or important information.
But in my opinion, this week, there is no Canada data which can affect mostly on U/C move. U/C move would be guide by US data. Those are Two FED Speeches and the move of gold and oil which I show in tradingview.com/v/KeEXFhZE/
Good luck for all trader this week, and waiting for next my Forex product.
Comments
Sforex
⋅
I mainly trade Forex base on fundamental Analysis.
BoC declared Inflation didn't act as they expected. And Canada economy was not good as they want. BoC abandoned Hawkish Stance and began to consider dovish stance, more and more money would be printed.
Plus, US economy seems recover very well. This pressures on Canadian Dollars. Next month, if FED begins taper, Canadian Dollar absolutely devaluates more and more.
Thus, in the long term, I think U/C rallies.
isomorph
⋅
sorry, i just re-read myself and don't think i was clear enough: i didn't mean i agree with the long view, but with the importance of the data you mention.
isomorph
⋅
don't agree with your interpretation of the 04736 level but agree with everything else. i foresee gold to retrace the recent drop, which in turn will finally activate the Gartley 222 SELL we see on Daily. BUT... i have been known to be terribly wrong!! ;)
BoC declared Inflation didn't act as they expected. And Canada economy was not good as they want. BoC abandoned Hawkish Stance and began to consider dovish stance, more and more money would be printed.
Plus, US economy seems recover very well. This pressures on Canadian Dollars. Next month, if FED begins taper, Canadian Dollar absolutely devaluates more and more.
Thus, in the long term, I think U/C rallies.