By - Jamel Lahiani
Today our analysis will be concerned with:
BTCUSD (Bitcoin /US Dollar) the most popular cryptocurrency in the world exchanged to the US dollar. Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors.
EURUSD (Euro /US Dollar) is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999. USDCAD (US Dollar /Canadian Dollar) is a very popular currency pair and represent the exchange rate of the two neighbor money, the U.S. and Canada.
FOREX Market Insights
Yesterday, the US dollar appreciated against the: Euro, British pound and Yen, as a result of robust US data, and receding fears from the coronavirus. Today, the nonfarm payrolls will be published by the US Bureau of Labor Statistics that probably can have a high impact on the markets after the robust manufacturing data published earlier this week in the USA.
Today in Focus
Today, we have a high impact published indicators and events:
AT 13H30GMT: The Unemployment Rate released by the Statistics Canada is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the Canadian Economy.
AT 13H30GMT: The employment Change released by the Statistics Canada is a measure of the change in the number of employed people in Canada.
AT 13H30GMT: The Average Hourly Earning released by the US Bureau of Labor Statistics is a significant indicator of labor cost inflation and of the tightness of labor markets.
AT 13H30GMT: The nonfarm payrolls released by the US Bureau of Labor Statistics presents the number of new jobs created during the previous month, in all non-agricultural business.
AT 15H00GMT: The Ivey PMI released by the Richard Ivey School of Business captures business conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall economic condition in Canada.
GRAPHIC 1: BTCUSD HOURLY CHART (FEBRUARY 07, 2020)
The BTCUSD chart has a bullish quite movement between the red resistance line at the level of 5857.16 and the green support line. It is expected profitable to sell this pair if the chart closes up to the red resistance line. Otherwise, if the chart closes under the green support line, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRUARY 07, 2020)
The EURUSD pair has a bearish volatile movement inside the red-colored channel, with resistance at
1.10147 levels. The chart is going for a lower high and lower low movement. This pair is waiting for strong important data related to nonfarm payrolls at 13:50 GMT. It is expected gainful to sell this pair if the chart crosses the bottom limit to the downside after the publication of the data. Otherwise, a buy order is expected profitable if the chart closes above the resistance line at the top.
GRAPHIC 3: USDCAD HOURLY CHART (FEBRUARY 07, 2020)
The USDCAD pair has a ranging quit movement between the red resistance line at the 1.33030 level
and the green support line at 1.32663 levels. A suitable strategy, to wait for the publication of the data at 13:30 GMT related to nonfarm payrolls, if the chart closes outside the limits of the range it is expected profitable to enter the market in the direction of the break.
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