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Valutrades Market Blast :: Fundamentals :: 8 July 2019


Welcome to this week’s Market Blast Fundamentals where we will look at the USD, the Bank of Canada, and GBPCAD.

8 July 2019

If you caught our last video on the US Non-Farm Payrolls, you may have seen this bounce off resistance, after a very good NFP report, and are shorting the USD.

Despite the results, the US federal Reserve is still looking at a July Interest Rate cut which will further weaken the USD.

Screenshot 2019-07-08 08.43.29

This week we may see more USD volatility with speeches and testimony by Jerome Powell Tuesday, Wednesday and Thursday and monthly Job Openings Tuesday.

Also, US President Trump is actively looking to replace the current Fed chairman with someone more inclined to lower interest rates so, let’s watch out for news that may further weaken the Dollar.

Wednesday, we have an interest rate decision by the Bank of Canada.

On our 4-hour charts we can see clear Canadian Dollar strength so we will look for Counter-Trend price action to drive price back to key levels and take advantage of the continuing trend.

Screenshot 2019-07-08 08.43.57

But, watch out for volatility just after the rate decision as we have a Crude Oil Inventories report.

Fundamentally, we rate the Canadian Dollar as being Bullish and the UK Pound as being the most Bearish due to Brexit and we will look at this from the technical side tomorrow on GBPCAD.

CFDs and FX are leveraged products and your capital may be at risk.


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