Source: PaxForex Premium Analytics Portal, Fundamental Insight
The US NFP Report for November is predicted to show 550K job additions and an unemployment rate of 4.5%. Forex traders can compare this to the US NFP Report for October, which showed 531K job additions and an unemployment rate of 4.6%. Private Payrolls for November are predicted to show 530K job additions and Manufacturing Payrolls 45K job additions. Forex traders can compare this to Private Payrolls for October, which showed 604K job additions, and Manufacturing Payrolls, which showed 60K job additions. The Average Work Week for November is predicted at 34.7 hours. Forex traders can compare this to the Average Work Week for October, reported at 34.7 hours. Average Hourly Earnings for November are predicted to increase 0.4% monthly and 5.0% annualized. Forex traders can compare this to Average Hourly Earnings for October, which increased 0.4% monthly and 4.9% annualized.
The US Final Markit Services PMI for November is predicted at 57.0, and the US Final Markit Composite PMI is predicted at 56.5. Forex traders can compare this to the US Markit Services PMI for October, reported at 58.7, and the US Markit Composite PMI reported at 57.6. The US ISM Non-Manufacturing PMI for November is predicted at 65.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for October, reported at 66.7. US Factory Orders for October are predicted to increase 0.5% monthly. Forex traders can compare this to US Factory Orders for September, which increased 0.2% monthly.
The Canadian Employment Report for November is predicted to show the creation of 35.0K jobs and an Unemployment Rate of 6.6%. Forex traders can compare this to the Canadian Employment Report for October, which showed the creation of 31.2K jobs, and an Unemployment Rate of 6.7%. Canadian Labor Productivity for the third quarter is predicted to decrease 0.8% quarterly. Forex traders can compare this to Canadian Labor Productivity for the second quarter, which increased 0.6% quarterly.
The forecast for the USD/CAD turned bearish after this currency pair reached its horizontal resistance area. Confirming the absence of short-term bullishness is the flat Kijun-sen, but the Tenkan-sen maintains its uptrend, suggesting a rise in volatility ahead. The Ichimoku Kinko Hyo Cloud confirms the absence of intermediate upside momentum while carrying a minor bullish bias. Adding bearish pressures is the CCI, drifting lower in extreme overbought territory. Traders should wait for a breakdown below 100 before selling this currency pair. Can bears pressure the USD/CAD into a correction until it reaches its next horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the USD/CAD remain inside the or breakdown below the 1.2775 to 1.2850 zone, PaxForex recommends the following trade set-up:
Should price action for the USD/CAD breakout above 1.2850, PaxForex recommends the following trade set-up:
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