News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here: https://t.co/MzaIl7tPmZ
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/rFlQtyQS81
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
Canadian Dollar Soars on Record Jobs Data, USD on Defensive - US Market Open

Canadian Dollar Soars on Record Jobs Data, USD on Defensive - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – Canadian Dollar Soars on Blowout Jobs, Crude Oil Backwardation Steepens

DailyFX Q2 2019 FX Trading Forecasts

CAD: The Loonie soared after a blowout jobs report, which saw the headline figure post its largest gain on record at 106.5k, expectations had been for a modest 10k increase. Alongside this, the unemployment rate dropped to 5.7%, below consensus for 5.8%, while the wage component had yet again shown another increase at 2.6%. Overall, a strong jobs report, consequently, USDCAD dropped from 1.3470 to 1.3390. (Technical Analysis)

USD: The US Dollar is on the defensive against G10 currencies. Softer US inflation had dented some demand for the greenback with the headline and core (m/m) figures missing analyst expectations. Alongside this, the modest pick-up in risk appetite, despite the tariff hike has also benefitted the dollars major counterparts.

On the trade war front, talks between the US and China will continue today, however, given that the Trump administration has hiked tariffs, chances of an agreement to be announced today is very slim with Trump also tweeting that there is “no rush” to reach a deal. As such, it is perhaps more likely that both the US and China will agree to continue negotiating in order to eventually reach an agreement.

GBP: UK GDP matched analyst estimates with the quarterly rate rising 0.5%, which in turn took the yearly rate to 1.8%. However, the reaction in the Pound was unmoved with much of the focus for Sterling traders on UK politics. Cross party talks continue, however, as it stands a breakthrough between both parties is doubtful, as such, this keeps GBP upside limited for now. Alongside this, growing calls to oust PM May is likely to see GBP on the defensive if the likelihood increases.

Crude Oil: As the risk appetite improves slightly, oil prices have edged higher with Brent reclaiming $70/bbl. However, what has been more eye catching has been the backwardation in the futures curve, which has steepened to the highest level in over a year. Subsequently, this implies that investors remain optimistic over the future prospects for Brent crude.

Canadian Dollar Soars on Record Jobs Data, USD on Defensive - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

Canadian Dollar Soars on Record Jobs Data, USD on Defensive - US Market Open

IG Client Sentiment

Canadian Dollar Soars on Record Jobs Data, USD on Defensive - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Will the Dow Jones and S&P 500 Price Reversals Hold?” by Paul Robinson , Currency Strategist
  2. Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY” by Justin McQueen, Market Analyst
  3. Gold Price Outlook: Key Resistance Limits Rise, Risk Aversion May Spark Breakout” by Justin McQueen, Market Analyst
  4. Dollar, Euro, Australian Dollar, and Gold Charts for Next Week” by Paul Robinson , Currency Strategist
  5. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES