Last week, EURUSD was volatile and it broke 1.10 and then it dropped back to 1.08. This week we have a few important news announcements for EURUSD and AUDCAD.
For EURUSD, the key announcements are as follows.
- 7 Dec (Thu) – ADP Nonfarm Employment Change
- 8 Dec (Fri) – Nonfarm Payrolls (NFP)
Previously, Powell stated that he wished to see NFP to be below 100K. Last month NFP was 150k, below the Forecast of 180K. The forecast for this month is 175K, any number below that might make the USD very weak as the market will perceive that the US interest rate hike is done.
For AUDCAD, the key announcements are as follows.
- 5 Dec (Tues) – RBA Interest Rate Decision
- 7 Dec (Thur) – BoC Interest Rate Decision
Both RBA and BoC are expected to keep the interest rate as it is, which is 4.35% for Australia and 5% for Canada. Any surprise from the forecast will make a strong trend either way.
Recommendation
With this outlook, to be on the safe side, for EURUSD, we strongly recommend all Ophiuchus and Limitless EA users to schedule to stop trading for this period starting from 6 Dec till 9 Dec. For AUDCAD, we strongly recommend all Ophiuchus and Limitless EA users to schedule to stop trading for this period starting from 4 Dec till 8 Dec. You can use the stop trading period feature in the EA to do that. You can also decide to start the stop trading for a longer period to wait for the dust to settle. (e.g., stop trading from 4 Dec and only start trading after 9 Dec) if you would like.
We understand that you might feel that it is more frequent to receive market updates recently and more intervention is required to control the EA. We are working on a new feature to manage the stop trading period for EA automatically based on upcoming announcements. Based on our current estimate, the new feature will probably be released at either end of the year or early next year. Please stay tuned for this new feature.
Just a sneak peek for this new feature, in the upcoming release, the Ophiuchus EA will be able to get upcoming news announcements and you will be able to set to stop trading automatically x hours before the news announcements.
Disclaimer – Please note that Limitless Trading is not liable for our recommendation and is not responsible for any loss or profit caused by this recommendation. You should assess your circumstances and perform your research to make decisions for your trading.
