Forex Trading Signals

Today we have a lot of news coming out from Canada, UK and USA. Therez a strong news coming in the market from UK and this gonna be a one big reason to GBP fall is UK Prime Minister Brown potentially resigning. These rumors have been refuted by his office.

0700 EST (1630IST) CAD Employment (-36.5 expected) Last month's huge positive deviation created a surprisingly small selloff in the USD/CAD. On the one hand it seems as though CAD levels after news events have been frequently manipulated; however, CAD Employment is usually a very reliable indicator and one bad month shouldn't completely force us to sit on our hands here. A comprimise of trading a wider trigger than usual seems appropriate. If it comes out at 0.0K or higher, USD/CAD should sell off 50 pips. If it comes out at -62K or lower, USD/CAD should rally 40+ pips.

0830 EST (1800IST) US Nonfarm Payrolls (-520K expected) - We have not seen very large deviations on this report since December 2008. Because of that, we've gotten a lot of strange price action on the smaller deviations primarily due to large order flows that tend to follow this release. I recommend trading a wide 100K trigger and if it comes out closer to expected than that, or if there's a conflict with Unemployment Rate, avoid taking long directional trades and simply look to scalp sell rallies and scalp buy sell offs into support. Because we've seen some clear decoupling of EUR/USD, USD/JPY and EUR/JPY, it's hard to say which pair will have the best reaction on the news. My best guess is USD/JPY will be best for a quick news spike pop, but EUR/JPY will have the deepest, most sustainable move. If it comes out at -420K or higher, EUR/JPY should rally 50+ pips. If it comes out at -620K or lower, EUR/JPY should sell off 50+ pips.