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📊 USDCAD slows down on oil price rise and DXY's decline On Wednesday, USDCAD slowed down its growth due to increased oil prices and the decline of the U.S. Dollar Index (DXY). The pair approached the important resistance level of 1.40000. 👉 Possible effects for traders The U.S. economic reports indicated a weakening labour market and strong consumer confidence but provided little clarity on the future of interest rates. Thus, the U.S. dollar (USD) decreased, with U.S. Treasury yields following suit. However, some indicators showed a resilient labour market and economy, prompting traders to reduce their expectations for rate cuts. Uto Shinohara, senior investment strategist at Mesirow Currency Management, stated that markets have already factored in a 25-basis-point reduction in interest rates at the upcoming Federal Reserve (Fed) meeting in November. However, the possibility of another reduction in December remains uncertain. ‘With the focus shifting to employment data, a strong report on nonfarm payrolls would provide the Fed with the justification for a pause in December. While the outcome of the election may have a significant impact on interest rates in the long term, its immediate effect will depend on employment and economic growth’, said Shinohara. The price of oil, a major export commodity for Canada, increased after data showed that U.S. oil and gasoline inventories unexpectedly decreased last week. Oil futures for the U.S. settled 2.1% higher at $68.61 per barrel. Reuters reported that OPEC+, a group consisting of OPEC, its allies, and Russia, may delay a planned increase in oil production by a month or more in December due to concerns over soft oil demand and increasing supply. The group was scheduled to increase production by 180,000 barrels per day in December but has already delayed the increase since October due to falling prices. According to sources close to OPEC+, the group may announce a decision to postpone the production increase the following week. USDCAD continues to trade sideways within a range of 1.39000–1.39200 during Asian and early European trading hours. Today, the Canadian Gross Domestic Product (GDP) growth rate data comes out at 12:30 p.m. UTC. Higher-than-expected numbers may trigger a downward correction in the pair, while softer data may support the USDCAD. ➡️Sign Up Now ➡️ https://bit.ly/attocta

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USDCAD, 15-minute timeframe char USDCAD formed a bearish Hammer pattern 👉Level explanation USDCAD has been trading in a sideways market for the last couple of hours. The pair moved up to the resistance level of 1.39300. Now, the price displays a bearish Hammer pattern. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.39220. Set your stop loss at 1.39420 above the previous high ($1.44 loss for 0.01 lot) and take profit at 1.39020 ($1.44 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period.

Curious about the US economy's health? Dive into the latest advance GDP report, revealing the annualized change in the economy. Like what you see? Give us a 👍

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🚀 The high demand for gold in India has driven prices up Gold (XAU) rose by 1.17% yesterday and reached new highs. Following a breakout above the resistance level of $2,760, XAUUSD continued to grow steadily. Now, a downward correction from the $2,780.00 mark is likely. 👉 Possible effects for traders Gold has recently reached a new all-time high as investors seek a safe haven asset to protect their capital. With the U.S. presidential election less than a week away, additional uncertainty and market volatility are likely. The outcome of the U.S. election significantly influences XAUUSD's price. Expectations for a decrease in the U.S. Federal Reserve's (Fed) interest rate also support the gold price. The market expects a 25-basis-point (bps) rate reduction by the Fed next week. However, if U.S. economic data show the labour market's resilience and persistent inflation this week, XAUUSD may drop sharply. A positive factor for the gold market is the persistent high demand from India. Despite the record-high prices, Indian investors have continued to purchase gold in anticipation of the upcoming Dhanteras and Diwali holidays, hoping that the value of the precious metal will continue to grow and provide them with profits amid a slowing stock market. The demand from India could further support XAUUSD. Several experts and analysts predict that gold will continue its upward trend after a brief correction. The price target is $2,790, after which there may be a slight pullback. Today, important U.S. data on employment change and the Gross Domestic Product (GDP) report will be released, adding volatility to the market and affecting XAUUSD. Open Account In Exness For Forex Trading & P2P Transaction👇 Link: https://tlt.ink/exness

📊 China's stimulus and soft U.S. jobs figures support the euro On Tuesday, the euro (EUR) dropped towards 1.07700 against the U.S. dollar (USD) but later recovered all the losses and finished the day essentially unchanged. 👉 Possible effects for traders Worse-than-expected U.S. labour market statistics pushed EURUSD higher yesterday. The U.S. Labor Department's JOLTS report revealed a significant decline in job openings in September—the lowest level in over three and a half years. September's data and a downward revision of the previous month's figures suggest a continued weakening of the U.S. labour market. ‘We're still seeing the same pattern of a slowdown in jobs that has been the overall theme for the last few months, even if September's nonfarm payroll (NFP) number was well above expectations’, said Helen Given, associate director of trading at Monex USA. At the same time, U.S. consumer confidence increased to a nine-month high in October, but investors have largely ignored the data. Still, the U.S. Dollar Index (DXY) is on track for its largest monthly gain in over two and a half years. It's currently near a three-month high, and traders are unlikely to open big trades ahead of next week's U.S. election and this week's U.S. economic data—Personal Consumption Expenditure (PCE) Price Index report on Thursday and Friday's NFP report. The euro grew further following the news that China is contemplating the issuance of over 10 trillion yuan in additional debt to reinvigorate its fragile economy. Given China's status as the eurozone's primary export market, this could benefit European economies. Still, investors expect the European Central Bank (ECB) to remain on its rate-cutting path and price in an 89% chance of four 25-basis-point (bps) reductions by the end of March 2025. The chances for a similar move by the Federal Reserve (Fed) are slightly less than 80%. This fundamental divergence in monetary policy expectations continues to exert a bearish pressure on EURUSD. EURUSD was essentially unchanged during the Asian and early European trading sessions. Today, investors will focus on German Gross Domestic Product (GDP) and Consumer Price Index (CPI) data due at 9:00 a.m. and 1:00 p.m. UTC. Additionally, the U.S. GDP report is scheduled for 12:30 p.m. UTC. These releases may add volatility to today's trading session. Key levels to watch are support at 1.07640 and the resistance at 1.08400. ➡️Sign Up Now ➡️ https://bit.ly/attocta

📊 USDJPY slows down ahead of BOJ meeting Yesterday, USDJPY didn't break the 154.000 resistance level and finally went sideways, gaining 0.04% by the end of the day ahead of the Bank of Japan's (BOJ) meeting on Thursday. 👉 Possible effects for traders The BOJ will likely keep rates unchanged at the meeting on 31 October. With weaker exports and household spending in summer and recent political changes in Japan, the central bank is unlikely to change the interest rates. BOJ might only hike the rates if economic data strengthens and inflation stays above 2%. However, many in Tokyo think the regulator could still raise rates before the year ends. The market will be watching for clues about the BOJ monetary policy plans. Meanwhile, economic data shows some resilience. Tuesday's jobs report showed some strength, which could lead to more spending. Output is still weaker, but there's hope that the weaker Japanese yen (JPY) and increased export orders will help boost growth. Auto production should recover, too. While recent data shows some pullback in inflation, with domestic and imported goods prices still rising, most people expect any dips to be temporary. Prices in Japan won't keep falling, given the rise in commodity, energy, and global goods prices. USDJPY continues to trade sideways during Asian and early European trading hours. The most important event is tomorrow's BOJ rate decision at 3:00 a.m. Still, today's U.S. ADP Employment Change report at 12:15 p.m. UTC may influence the pair. A higher-than-expected figure should be taken as bullish for the USDJPY, while a lower-than-expected reading may push the pair into a downward correction. ➡️Sign Up Now ➡️ https://bit.ly/attocta

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🚀 Gold is expected to reach new highs Gold (XAU) continued to rise after a minor correction last week, and the pair may now increase towards historical highs. The price has approached the resistance level at $2,760. 👉 Possible effects for traders Two factors support XAUUSD: the upcoming U.S. presidential election and geopolitical tensions in the Middle East. Uncertainty surrounding the election may further strengthen gold's role as a safe-haven asset during times of instability. The Federal Reserve (Fed) will also announce its interest rate decision next week. Markets anticipate potential positive economic data that may lead to a more accommodative monetary policy from the regulator. Investors believe that gold prices will continue to receive support and that the interest rate may decrease by 25 basis points. According to the CME FedWatch Tool, the probability of a 25-basis-point reduction is approximately 98%. As for the current geopolitical situation, the active phase of the Middle East conflict remains unchanged, and there is no certainty when the conflict will end. Israel continues to launch airstrikes in the eastern Bekaa Valley of Lebanon, resulting in casualties. XAUUSD will likely continue rising today. If the pair breaks above the resistance level at $2,760, it may continue growing towards $2,788 and higher. ➡️Sign Up Now ➡️ https://bit.ly/attocta