At 16:00 (GMT+2) in Canada, data on Ivey PMI for May will be published. The indicator reflects the state of business activity in the national manufacturing industry and is calculated on the basis of a survey of purchasing and supply managers of leading national enterprises in all industries. The attitude of managers to the current economic situation and prospects for future development is evaluated. The indicator may grow from 22.8 to 25.0 points. If the forecast proves correct, it can support CAD.
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The data on the unemployment rate in the USA for May is due at 14:30 (GMT+2). The Unemployment Rate measures the percentage of the total workforce that is unemployed and actively seeking employment during the previous month. Only registered unemployed are counted. The indicator is expected to grow from 14.7% to 19.8% which may put pressure on USD.
The data on the employment change in Canada for May is due at 14:30 (GMT+2). This indicator captures the change in the number of employed citizens in the country. The level of employment is expected to reduce by another 500K people. The realization of the forecast can put pressure on CAD.
At 14:30 (GMT+2), data on Nonfarm Payrolls in the USA for May will be published. The number of employed citizens is expected to decrease again, but by only 8.0 million people, not as dramatically as a month earlier. However, data may turn out to be better than forecasts, since the leading indicator of Nonfarm Payrolls from ADP in May was positive. If the forecast proves to be true, this may render support to the US dollar.
On the H4 chart, the uptrend is very strong. The instrument is at the upper border of Bollinger Bands; the indicator cloud is expanded, which indicates the preservation of growth in the short term. MACD histogram is in the positive zone preserving a steady signal for opening long positions. Stochastic is crossing the overbought zone boundary from below, keeping a signal to open long positions.
AUD is showing moderate growth against USD during the Asian session on Friday, again preparing to test the important resistance at 0.7000.
EUR shows ambiguous dynamics of trading against USD during today's Asian session, located near its highs since March 11, which the instrument managed to update the day before.
Today, during the Asian session, the USD/CHF pair shows flat dynamics, trading near the local lows of March 30.
The pair may fall.
On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction develops as the second wave 2 of (3). Now, the wave c of 2 is developing, within which the wave (v) of c is forming. If the assumption is correct, the pair will fall to the levels of 1.3400–1.3300. In this scenario, critical stop loss level is 1.3576.
The pair may grow.
On the 4-hour chart, an upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, a correction developed as the wave 2 of (1), and the formation of the wave 3 of (1) began. Now, the first entry wave of the lower level i of 3 has formed, the local correction ii of 3 has ended, and the wave iii of 3 is developing. If the assumption is correct, the pair will grow to the levels of 110.75–111.80. In this scenario, critical stop loss level is 108.20.