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Real Time News
  • Germany reduces economic growth forecast for 2021 to 3% from 4.4%, sees return to pre-crisis levels delayed until mid 2022. $EUR
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (DEC) Actual: 0.7% Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-27
  • 🇺🇸 Durable Goods Orders MoM (DEC) Actual: 0.2% Expected: 0.9% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-01-27
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 70.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EtrGob0uHN
  • Remember that @elonmusk tweet about Signal a few weeks ago, and the stock $SIGL shot higher? Lots involved with the blow up of Melvin Capital seem to be confusing $AMC with $AMCX. What was that about "efficient markets?"
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/WN3zLLK2GU
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.13% 🇬🇧GBP: -0.23% 🇯🇵JPY: -0.27% 🇨🇦CAD: -0.49% 🇳🇿NZD: -0.63% 🇦🇺AUD: -0.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yBfBgYbQJ9
  • Heads Up:🇺🇸 Durable Goods Orders Ex Transp MoM (DEC) due at 13:30 GMT (15min) Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇺🇸 Durable Goods Orders MoM (DEC) due at 13:30 GMT (15min) Expected: 0.9% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2021-01-27
  • The US Dollar has strengthened this morning ahead of the FOMC meeting and decision this afternoon, with the $DXY rising from 90.20 to above 90.50. $USD https://t.co/tcpZdj6nhT
DailyFX Roundtable: U.S. Non-Farm Payrolls (NFP) Coverage

DailyFX Roundtable: U.S. Non-Farm Payrolls (NFP) Coverage

Talking Points:

- DXY Rebounds as U.S. Non-Farm Payrolls (NFP) Highlights Strong Job Growth, Sticky Wages.

- USD/CAD Climbs to Fresh Monthly-Highs as Canada Employment Disappoints.

- GBP/USD at Risks for Further Losses Following BoE ‘Super Thursday’ Event.

- EUR/USD Resistance Persists, GER30 Continues to Lag Behind Major Counterparts.

- USD/JPY Holds Above June-Low (108.80) as U.S. Treasury Yields Pick Up.

- Sign Up and Join the DailyFX Team LIVE to Cover Major Data Prints as well as the RBNZ Rate Decision.

Join DailyFX Strategists Paul Robinson, David Song and Christopher Vecchio to cover the U.S. Non-Farm Payrolls (NFP) report along with key trade setups going into the first full week of August. Highlighted setups include DXY, USD/CAD, GBP/USD, EUR/USD, USD/JPY, NZD/USD and GER30.

USD/CAD 5-Minute Chart

USD/CAD Chart

The U.S. dollar gained ground against its major counterparts following the better-than-expected Non-Farm Payrolls (NFP) report, while a separate report showed the Canadian economy adding 10.9K jobs in July amid forecasts for a 12.5K expansion. At the same time, a dip in Canada’s Participation Rate spurred a decline in the jobless rate as discouraged worked left the labor force, and the mixed development may encourage the Bank of Canada (BoC) to endorse a wait-and-see approach at the next policy meeting on September 6 after raising the benchmark interest rate for the first time since 2010.

USD/CAD Daily Chart

USD/CAD Daily Chart

Download the DailyFX 3Q Forecasts

The shift in USD/CAD behavior may continue to unfold in the second-half of 2017 as the BoC changes its tune and appears to be on course to further normalize monetary policy over the coming months. However, dollar-loonie may stage a larger rebound over the coming days as the pair finally breaks the bearish formation carried over from June, while Relative Strength Index (RSI) continues to come off of oversold territory.

In turn, topside targets are on the radar ahead of the U.S. Consumer Price Index (CPI) amid the string of failed attempts to close below the 1.2420 (61.8% expansion) hurdle. Next topside target comes in around 1.2710 (50% expansion) followed by the Fibonacci overlap around 1.2770 (38.2% expansion) to 1.2780 (38.2% expansion).

DailyFX Calendar

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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