Welcome to this week’s Market Blast Fundamentals.
I’m Brad Alexander and on behalf of Valutrades, today we will take a look at USDCAD, WTI (US Oil), Brent Crude (UK Oil), EURUSD, EURGBP, and GBPUSD.
The Pound is weaker against most other currencies despite the attempted re-opening of the economy in England and we see some technical opportunities like GBPUSD falling to support and this downtrend on EURGBP.
We will take a look at these tomorrow.
Speaking of the EUR, we may see some movement to the downside, not just against the Pound, but against the USD, CHF and JPY as the market is learning that the ECB will not be raising Interest Rates any time soon and they may let transitory inflation run for a while.
Therefore, keep an eye on Thursday’s Interest Rate Decision and Press Conference.
OPEC + has agreed to a schedule of increasing production which has seen falling prices in WTI and Brent Crude which has hurt the COMDOLLS like CAD which is weaker against its counterparts and price action is trying to break some key levels.
We will be watching Canadian Retail Sales this Friday as the Loonie gets weaker.
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That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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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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