Welcome to this week’s Market Blast Fundamentals.
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I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at USDCAD, Brent Crude (UKOil), EURUSD, and GBPUSD.
We see that USD is consolidating with strength against JPY, weakness against the Comdolls, and consolidating against other pairs.
Last week’s US Non-Farm Payrolls were quite good and this gave USD some temporary strength which gave us some great counter-trend trading opportunities like this one on GBPUSD.
However, this week the US Federal Reserve will be watching this week’s CPI numbers on Inflation before making next week’s announcement on Interest Rates so watch for more USD opportunities.
Brent Crude is marching higher and it passed $120 per barrel based on the latest EU sanctions against Russia and last week’s price action and opportunities worked out as we predicted.
The price of Crude has also helped the Comdolls like CAD.
We see pairs like USDCAD falling back to key levels of support but watch out this week for Canadian PMIs tomorrow, a Bank of Canada statement Thursday, and Employment Change on Friday.
Also, the main focus will be on the European Central Bank’s Interest Rate decision on Thursday where we expect no change.
However, the Policy Press Conference will give us a clue to the size of the Interest Rate increase coming in July.
You will note the spread right now on EURUSD.
We will have more on Valutrades low spreads tomorrow.
We see mixed strength and weakness on EUR pairs but watch for volatility on Thursday.
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