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Coronavirus Affecting WTI & USDCAD. Gold Climbing on Uncertainty.

   

Welcome to this week’s Market Blast Fundamentals where we will look at USDCHF, USDJPY, USDCNH, Gold (XAUUSD), USDCAD and US Oil (WTI).

The Canadian Dollar has opened lower this week, thanks to the lower price of Crude Oil.

US Oil opened lower with a weekend gap with prices falling due to the Coronavirus and disagreements between two major oil producers — Russia and Saudi Arabia — over production cuts to compensate.

Screenshot 2020-02-24 at 10.58.48

 

Better news will see the gaps being filled and also watch the Economic Calendar for Crude Oil Inventories this week affecting WTI and USDCAD along with Canadian GDP on Friday.

We can see a lot of US news this week, Tuesday, Wednesday and Thursday, so watch for volatility on all USD pairs.

Screenshot 2020-02-24 at 10.59.15

 

Overall we see USD strength with slight temporary weakness on the safe haven pairs — USDJPY and USDCHF.

Of course, with the Coronavirus, the Renminbi is still weakening and the price of Gold passed above $1680 this morning so watch for better news before trading these gaps.

That’s all for now. Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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