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Trading ideas for USD/CAD, GBP/USD and S&P 500

March 31, 2022

USD/CAD: Loonie has been showing the bearish dynamic for the second day in a row after the pair reached a weekly high near the 1.2600 mark. The pair was supported by the oil prices despite the downbeat market mood. Commodity prices climbed higher, led by crude oil and metals. WTI was trading bullish compared to Tuesday, while gold closed with 1% gains. It’s important to note that commodity-linked currencies like the Canadian dollar kept growing versus the greenback. ADP Employment Report, which came better than expected, showed an increase in jobs in the economy in March. Moreover, the US GDP data for the fourth quarter grew to its highest level in the last 2 years.


BUY 1.2480/TP 1.2600/SL 1.2410

 

GBP/USD: Cable is trading around 1.313, which is higher on the day as the US dollar pulled back after a breakthrough in peace talks. However, the optimism over geopolitical tensions weakened on Wall Street while concerns over a recession are growing due to the possibility of an interest rate hike which could slow down economic growth. The British pound is considered a risky currency. That’s why it fell under pressure yesterday. Looking ahead, US Nonfarm Payrolls data will impact markets this Friday as a distraction to the Ukraine crisis.


SELL LIMIT 1.3200/TP 1.3000/SL 1.3250

 

S&P 500: US equities traded lower across the board yesterday as investors fixed their profits following the recent growth while watching the geopolitical crisis and the outlook for Fed policy and the US economy. Meanwhile, US macroeconomic data turned out positive and investors considered it a confirmation of a rate hike in May. This is the main reason for profit-taking and the bearish pressure yesterday. It also means that the index is on its way to a negative session closing for the last 5 days.


BUY 4600.0/TP 4700.0/SL 4560.0