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Trading ideas for EUR/USD, USD/CAD and WTI

April 08, 2022

EUR/USD: The European currency slightly fell against the US dollar on Thursday. The European Central Bank Monetary Policy Meeting Accounts were released yesterday. Most policymakers have favored immediate action through monetary policy to corner the galloping inflation. Also, the ECB should halt the Asset Purchase Programme since the stated objective behind its launch has been achieved. Along with the hawkish ECB minutes, the euro has also failed to capitalize upon the outperformance of the Euro Retail Sales. The Eurostat reported Retail Sales at 5%, higher than the preliminary estimate but significantly lower than the previous value of 8.4%. The local resistance level can be seen at 1.0890. If the pair reaches this level and rebounds, it can trigger a further decline towards 1.0820.

SELL LIMIT 1.0890/TP 1.0820/SL 1.0915


USD/CAD: The US dollar rose against the Canadian dollar yesterday. The hawkish Fed outlook continuously supports the greenback after the last FOMC Minutes. US Jobless claims for the last week declined to their lowest since 1968, which signals how much the labor market tightened last week. The numbers reflect that the labor market has been subject to a severe worker shortage. The surging demand for workers has driven up wages and led to spiraling inflation. The extra pressure on the Canadian dollar caused falling oil prices. Today we expect important Canadian employment figures. The pair can correct to 1.2555, and after that, the price will probably continue its upward movement towards 1.2630.

BUY LIMIT 1.2555/TP 1.2630/SL 1.2530


WTI: Oil prices fell on Thursday, adding to weekly losses on the uncertainty that the Eurozone will be able to effectively ban Russian energy exports and after consuming nations announced a huge release of oil from emergency reserves. Prices were also pressured by fears that lockdowns in China due to a new wave of COVID-19 would slow the recovery in oil demand. China is the largest importer of crude in the world, and a prolonged lockdown could have a significant impact on global demand over time. On Wednesday, International Energy Agency member countries agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down fuel prices.

SELL LIMIT $98.60/TP $92.40/SL $100.65