- In the Economic Calendar of today, we can expect volatility of USD and CAD
- At 13:30 (GMT) the US Bureau of Labor Statistics and the National Statistical Office of Canada will announce their Unemployment Rate
- Unemployment Rate in the US is expected to remain at 3.6%, while the rate in Canada is expected to rise from 5.5% to 5.6% since last month
- Increase in Unemployment Rate usually has a negative effect on the respective currency
- US Nonfarm Payroll – most important event of the day – to be announced at 13:30 (GMT) by the Bureau of Labor Statistics
- Decrease in NFP number is expected, from 225,000 to 175,000 since last month
- Decrease in NFP usually has a negative effect on USD
On the Charts:
- The price of Palladium has broken the Upward trading channel to the downside
- Palladium price is now at $2,530 below the 20 Days Moving Average
- The precious metal is testing a very important support level at $2,500 which consists of 61.8% Fibonacci Retracement (From 2,258 to 2,886) level and a previous inside resistance level that turned to support
- The momentum has a bearish attitude
- If the price remains below that level, we may see a significant move to the downside:
- Target 1: $2,300 (Previous support level)
- Target 2: $2,150 (Previous support level)
- On the other hand, if the price returns inside the channel then a movement to the upside cannot be ruled out to the previous top at $2,880