On Friday of 4 February at 16h30 Moscow time, we wait for the updating of labor market statistics of two countries: the USA and Canada.
These are data on changes in US Nonfarm Payrolls (NFP) and Canada Employment Change, and also data on the US Unemployment Rate and Canada Unemployment Rate.
According to forecasts, the employment rate in both countries will decline, the unemployment rate in the USA will remain unchanged, and the unemployment rate will rise in Canada.
There comes a good possibility to work with the USDCAD currency pair.
If forecasts are accurate, it is possible to work in kickbacks basing on data on unemployment rate in Canada and/or data on changes in the NFP.
So, we can put the BuyLimit and SellLimit pending orders and therefore within 0.1% from the price in the moment of updating of statistics.
And Take profit orders can be put at the price at the moment of data release or a little lower/higher.
If orders at the opening of positions do not work out during 8 hours, it is necessary to close positions independently.
If the Take profit orders do not work within 8 hours, you need to close the positions yourself.
In case of multidirectional changes in employment, it is possible to catch movements of the USDCAD currency pair during the first 15 minutes (it is 0.1-0.2% from the price at the moment of updating the statistics, approximately 120-240 points of profit).
In case of multidirectional changes in the unemployment rate, it is possible to open up for the USDCAD currency pair at the moment of updating the statistics and close up in 3 or 8 hours (at 19h30 or 00h30). The expected profit of 0.1-0.2% from the price at the moment of data updating (120-240 points of profit).
Do not forget that volatility usually significantly rises with publication of NFP data!
Also, it is necessary to take into account the spread and follow the rules of capital management!
As for fundamental aspects, macrostatistics of countries so far a little more favors the US dollar. This however may change in particular after data updating on employment and unemployment in the USA and Canada.
Trading at financial markets involves a high level of risk and it can be followed by a loss of investment capital.
The MarketCheese Team is not responsible for a possible loss of investment capital.