USD/CAD and USD/CHF on October 15, 2020
Have a look on how did the United States Dollar performs!
USD/CAD
The good news that Trump is recovering well from the corona virus is also pushing USD/CAD up.
Globally corona cases are rising. But the dollar in both CHF and JPY is a safe haven for investors. On the other hand, may lead to a drop in oil demand due to very possible new measures against corona virus control.
USD/CAD traders today will focus on employment data from the US and Canada. In Canada, a report on ADP employment changes is expected to show that private companies cut about 50,000 jobs in September.
Looking at the position on the chart, the place is good for buy, the risk is not big and it is possible to make a double bottom on the daily chart. When we set fibo levels our first target is fibo level 23.6% 1.33865 and the first serious resistance is around 1.34000.
USD/CHF
Trump is recovering well. That gives the dollar a good momentum to go up again and show who’s boss while the CHF is by default strong in these tough times.
Today we have news from America about Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. If the report is good, it can push the dollar harder and move it from the bottom.
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