Canadian employment data: Canada’s economy created 15,000 jobs in February, pushing the unemployment rate to a near ten-year low of 6.6%. A healthy gain of 105,000 full time positions offset a 90,000 decline of part-time jobs. The reading was far better than the 600 jobs gain forecasted by analysts. This positive data joins an upbeat trend in the Canadian economy suggesting the Canadian economy has turned the corner. Economists expect Canadian job creation of 5,700 and a rise to 6.7% in the unemployment rate.
US Non-Farm Employment Payrolls: U.S. Nonfarm payrolls release showed a job creation of 235,000 positions in February, beating expectations. Wages also increased providing assurance that the US economy is ready for another rate increase. The construction sector recorded its largest gain in nearly 10 years. Analysts expected a job creation of 196,000 in February. Wages continued to increase rising 0.2% as in January. The unemployment rate fell one-tenth of a percentage point to 4.7% despite higher participation rate in the employment market. US jobs report for March is expected to show a job gain of 176,000 while the unemployment rate is expected to remain unchanged at 4.7%.
USD
Non-Farm Employment Payrolls!
CAD
Canadian Employment Data
- EURUSD
Update: The pair is still traded in a very narrow range that tends to be negative. We do not expect too much for today. As could be seen on the chart that the pair may continue going down to reach the downward side of the ascending channel seen on the chart above then a pullback is expected that it may reach again the level of 1.0800 during the week. On the other hand, breaching the downside of the channel can open the door for further downward movement during the week that it may reach the level of 1.0500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0800 ▪-1.0900 ▪ 1.0950 |
▪ 1.0500 ▪-1.0600 ▪ 1.0500 |
We remain bullish as long as the pair is traded within the ascending channel |
- GBPUSD
Update: A very narrow range could be detected on the chart so we remain the same as long as the pair is traded above the level of 1.2400. A head and shoulders patter has been successfully formed. The second shoulder of the patter (the trough) could be found around the level of 1.2380. That is because the pattern is bullish. We might go long if the pair managed to break through the level of 1.2610 (the neck line of the pattern) targeting the level of 1.2670 (as a first target) then in case the level of 1.2700 is broken, we expect that the pair may continue to rise during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2500 ▪-1.2600 ▪ — |
▪ 1.2400 ▪ 1.2040 ▪ 1.2000 |
We remain bullish as long as the pair is traded above the level of 1.2400 |
- GOLD
Update: The pair managed to break through the level of 1260 and a new peak has been created around the level of 1269. So, the trading expected range for today is between the level of 1260 (support) and the level of 1269 (resistance). No trading suggestions for today.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1260 ▪ 1270 ▪ — |
▪ 1220 ▪ 1190 ▪ 1180 |
No trading suggestions for today |
- AUDUSD
Update: The pair is on its way to hit its final target around 0.7500. A harmonic pattern could be seen on the chart above and the pair is facing a strong support level around 0.7600. In case the level of 0.7600 is broken, then the pair may continue going down to reach the level of 0.7500 during the week. Otherwise, we are bullish.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪ 0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ 0.7600 |
We remain bearish as long as the pair is traded below the level of 0.7600 |
- GBPJPY
The pair managed to form a bullish harmonic patter that its (PRZ) could be found around 137.10 – 137. So, this suggests more downward movement during the day that it may reach the level of 137.10 then a pullback is expected.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 137 ▪ — ▪ — |
We remain bullish as long as the pair is traded below the level of 137 |
