USD & WTI Stronger. Trading Long on CADCHF & NASDAQ.
Welcome to this week’s Market Blast Fundamentals.
I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at the Dow Jones Industrial Average (US30), the NASDAQ (US100), EURUSD, WTI (USOil), CADCHF, USDCAD.
We see USD looking stronger against its counterparts except for CAD.
The CAD is stronger against its counterparts likely due to the increase in Crude Oil which always affects CAD.
If we do a strong versus weak analysis, we see that CADCHF, for example, has broken resistance and the next key level above is in this zone of consolidation around 0.737 francs.
But keep an eye on this Friday’s Canadian GDP figures for more potential movement.
Also, you may note that there are quite a few speeches this week by Central Bank governors and this is significant.
Investors and traders will be listening and waiting for clues on future monetary policy and fiscal policy based around the pandemic, economic recovery and climate change.
Many traders expected some movement on EUR, based on the German elections yesterday, but it seems that it will take weeks and months of negotiations to form a majority in the German government.
We see stock markets recovering all over the world and the Dow Jones Industrial Average has passed above the 100-day Simple Moving Average.
And, we are always saying “Buy the Dip” on indices and we hope you spotted this reversal on the NASDAQ which still has room to move to the upside.
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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