A1 TRADING | Indices, Commodities, Forex, Futures
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USDCAD has been on the rise most of this week on much lower anticipations in the Canadian jobs data. Price is now up against heavy resistance at the 200 DMA and a previous bottom at 1.26068. Meanwhile, US jobless claims came in significantly lower on yesterday's report as well as falling oil prices.
Gold rises today after investors digest a tighter stance by the Fed and bond yields touch the 3-year high. The metal has recently formed lower lows and highs on the 1D which suggests that the overall trend is downward. Support lies at 1877 which was around the November highs.
It's hard to pick a directional bias on the SPX because sentiment is uncertain. A tighter grip from the Fed would likely be bearish for stocks, but strong earnings growth would fuel the market. It looks like the SPX is a trader's market right now, and trades are taken on a day to day basis. Price is currently on support after a week of retracement.
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🔥 NEW TRADE ALERT: EURUSD

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