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Trading Long USDCAD. Trading Short NZDUSD on Bad US Unemployment Rate


Welcome to this week’s Market Blast Fundamentals.


I’m Brad Alexander and today we will take a look at WTI (US Oil), AUDUSD, NZDUSD and USDCAD.


Last week’s US Non-Farm Payrolls figures were better than expected but the unemployment rate was higher than expected.Screenshot 2021-07-05 at 10.51.06


This sent the USD weaker into what we call “Counter-Trend” price action and we will look at this from the technical side tomorrow.Screenshot 2021-07-05 at 10.51.50


These counter-trend moves give us an opportunity to re-enter the markets like NZDUSD and AUDUSD But watch out for tomorrow’s RBA Interest Rate decision and the governor’s speech on Thursday among a full Economic Calendar every day this week from most major economies.Screenshot 2021-07-05 at 10.52.02


We could say the same for USDCAD but we need to see what happens to the price of Crude Oil during the next couple of days.


Over the weekend, OPEC + did not come to an agreement as the UAE did not like the proposed agreement on production.Screenshot 2021-07-05 at 10.52.16


You will note that the WTI August contract is higher than the WTI Cash Spot price and we call this Contango and it is often a signal that the markets think the price will rise.


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.5 July EN TN



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