⚡️Strifor || USDCAD-05/01/2024 (NFP)
Preferred direction: BUY
Comment: As we know today, the first NFP this year. However, we also expect data on the US labor market from Canada. If for other instruments we expect a short-term fall in the American currency based on the technical picture, then in the case of this currency pair, not everything is so clear. The main reason, of course, is the same economic data on strength that we are waiting for from Canada today.
Before all these important events (which will likely serve as a trigger for movement), a good breakout setup has been formed. Therefore, it is preferable to consider long-deals. As in most cases, we are considering two scenarios now. And given such a rich news background, it is better to use two at once with a common stop loss (we carefully consider and do not forget about risk management). The target for this trade is no higher than 1.34500.
Thank you for like and share your views!
Comment: As we know today, the first NFP this year. However, we also expect data on the US labor market from Canada. If for other instruments we expect a short-term fall in the American currency based on the technical picture, then in the case of this currency pair, not everything is so clear. The main reason, of course, is the same economic data on strength that we are waiting for from Canada today.
Before all these important events (which will likely serve as a trigger for movement), a good breakout setup has been formed. Therefore, it is preferable to consider long-deals. As in most cases, we are considering two scenarios now. And given such a rich news background, it is better to use two at once with a common stop loss (we carefully consider and do not forget about risk management). The target for this trade is no higher than 1.34500.
Thank you for like and share your views!
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