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Trading ideas for USD/CAD, GBP/USD and USD/JPY

August 04, 2021

USD/CAD: The US dollar strengthened slightly against the Canadian dollar on Tuesday. Investors are assessing the risks of Delta-Covid in some major economies, including the United States and China. Canada is a large producer of goods, including oil, and therefore its economy is sensitive to global economic problems. A drop in oil prices due to the Delta-Covid problem offsets expectations of a reduction in US inventories.

BUY LIMIT 1.2500/TP 1.2660/SL 1.2446


GBP/USD: The British pound rose marginally on Tuesday, boosted by declining UK Covid-19 cases, optimism about easing UK isolation, and market expectations of a possible Bank of England monetary policy tightening but not at the next meeting on Thursday. The pound recovered after a large number of trade restrictions were lifted in England on June 19. The pound is currently holding mostly above $1.388, which gives hope for further gains to 1.40 level.

BUY LIMIT 1.38990/TP 1.40000/SL 1.38650


USD/JPY: USD/JPY came under bearish pressure and continues to decline. Risk aversion among traders caused the US 10-year Treasury yield to plunge by more than 1%. This drop in Treasury yields, among other things, led to a depreciation of the dollar.

Earlier, the US released positive data on manufacturing inventories, which could theoretically provide additional support to the dollar. However, it should be noted that important data on the number of new jobs in the US will be published on Friday, which could seriously affect the price.

SELL LIMIT 109.400/TP 108.580/SL 109.600