USD/CAD – Technical Analysis for US binary Options brokers
Canada – Raw Materials Price Index
On Tuesday, at GMT 1:30 p.m., the Statistics Canada will release the month-over-month Raw Materials Price Index (RMPI), which measures the changes in the price of raw materials bought by manufacturers in the country over the past month.
Binary options traders consider the RMPI to be an important leading indicator of consumer inflation in Canada, because if manufacturers pay more to buy raw materials, then ultimately the retail customers end up paying for the higher cost of production.
Last month, the Canadian RMPI decreased by -0.1%, after increasing 1.0% in the previous month. If the trend continues, it would likely to have a bearish effect on the Canadian dollar.
United States – Unemployment Claims
On Thursday, at GMT 1:30 p.m., the US Department of Labor will release the unemployment claims figure, which measures the changes in the number of people who claimed for unemployment insurance over the last week.
Binary options investors consider the unemployment claims data to be one of the most important fundamental indicators of the US job market. This is primarily because unemployment and consumer spending has direct correlation and an increasing number of unemployment claims indicate lower consumer spending in the economy, which makes up the bulk of the economic activity in the United States.
Last week, the US unemployment claims figure came out at 239,00 and the forecast for this week is set at an increase to 241,000.
Since breaking above the downtrend line on October 2, the USD/CAD remained bullish and climbed up by around 400 pips over the last two months. However, after the pair reached near the 1.2915 level, it failed to break and close above it in two tries. As a result, currently, the USD/CAD is trading sideways just below the resistance near the 1.2915 level.
As the Canadian RMPI reading went down last month, but the US labor market remained strong over the last few months and the unemployment claims figure is expected to come out slightly higher than last week, we believe it would set a bullish fundamental outlook for the USD/CAD this week. Therefore, if the USD/CAD closes above the resistance near 1.2915, it would likely attract additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major support resistance level around 1.2915.
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