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Trading USDCAD on the Non-Farm Payrolls. Trading WTI on OPEC+ Meeting.

   

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, Brent Crude, Gold, GBPUSD, USDCAD, and NZDCAD.

 

Last week we were looking at a possible short IF we had a counter-trend price Action move based on the Reserve Bank of New Zealand’s Interest Rate decision.Screenshot 2021-05-31 at 11.35.09

Well, that’s exactly what we got and price rose based on the Central Bank’s idea of moving an Interest rate rise forward.

Price hit resistance and rebounded, and we are still short NZDCAD.

At the end of this video we have posted a link to our video on Trading Economic News.Screenshot 2021-05-31 at 11.35.21

We are still seeing AUD weakness against all other currencies and we may have an opportunity, just like we had last week with NZD, as the Reserve Bank of Australia will be announcing its Interest Rate decision tomorrow.

Also, watch Wednesday for quarterly GDP and watch Thursday for Retail Sales.

We will have plenty of opportunities to trade US News this week including Friday’s Non-Farm Payrolls.Screenshot 2021-05-31 at 11.35.21

The USD is still weak overall but we see some consolidation and we will look at pairs like USDCAD and GBPUSD tomorrow.Screenshot 2021-05-31 at 11.35.59

Last week we looked at Gold going back above $1900 and here we are.

Analysts feel that US Bond Yields will keep the price of Gold high and, remember, Central Banks are still buying Gold.Screenshot 2021-05-31 at 11.36.11

And, finally, OPEC+ will be meeting this week so let’s see if WTI and Brent Crude break resistance or will they fall back.

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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