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Trading AUDUSD on the Non-Farm Payrolls. Range Trading USDCAD.

   

Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at WTI, USDCAD, EURUSD, AUDUSD, and NZDUSD.

 

We often get asked, “What is the difference between the US Non-Farm Payrolls and the ADP Non-Farm Payrolls?”

Well, ADP is a private payroll company and their very good figures from last week saw a big jump in the USD.Screenshot 2021-06-07 at 10.38.55

However, the US Government’s figures were quite different, sending the USD weaker.Screenshot 2021-06-07 at 10.39.18

This wild movement in price action may be a clue to get back into the short trades on pairs like AUDUSD, NZDUSD and EURUSD and we will look at these tomorrow from the technical side.

Be aware, however, that there is a lot of EUR economic news this week with Employment Change and GDP tomorrow and an Interest Rate decision Thursday.

The Bank of Canada will announce their Interest Rate decision Wednesday and we see consolidation against the USD.Screenshot 2021-06-07 at 10.39.36

This gives us a good opportunity for range trading if that is your style.Screenshot 2021-06-07 at 10.39.58

Just be aware that the increasing price of Crude Oil should make CAD stronger.

However, if we see progress in the Iranian nuclear deal this week, and a hint that sanctions may be lifted, we may see Crude Oil supply predictions go higher and a potential drop in price.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

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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