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

August 02, 2022

USD/CAD: In the first trading session of August, Loonie showed a bullish dynamic after falling below the key support level. A responsive buying action pushed the asset higher and greenback buyers are aiming to reach the weekly high of 1.2900 sooner. The asset was supported after a downside break due to failing oil prices yesterday as weaker manufacturing activities triggered oil bears. A neutral performance of Manufacturing PMI led to fall in the oil prices. Also, Canada is the leading exporter of oil to the US and a significant drop in oil prices supported the greenback against the Canadian dollar.

BUY 1.2850/TP 1.2950/SL 1.2800

 

NZD/USD: Kiwi pair is up on the day trading higher after correcting a significant amount of the last bearish impulse. The pair initially fell from a high of 0.6350 to its low but a weakening of US dollar supported the bulls for the final hours of the US session. Meanwhile, the rest of this week in the US will be focused on Nonfarm Payrolls numbers which are seen lower at 250k, which is quite lower than the previous figure. This affected a downside move in the US dollar index. The Dollar index printed a fresh three-week low on Monday. Also, the US jobless rate is expected unchanged at 3.6% which could pressure the US dollar in the near term.

SELL STOP 0.6300/TP 0.6200/SL 0.6350

 

WTI: WTI crude oil prices refreshed their daily low at around $92 during Monday’s session. The decline of oil prices confirms the market’s risk-aversion, as well as cautious sentiment ahead of this week’s OPEC meeting and its allies including Russia, a group known as OPEC+. On the same line, the “technical recession” in the US, as the Annualized readings of the second quarter for Gross Domestic Product dropped for the second time in a row, having pushed the energy benchmark. Moving on, Wednesday’s OPEC+ decision will be important for the WTI crude oil traders ahead of Friday’s US employment report for July.

SELL 93.90/TP 90.00/SL 95.40