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Trading ideas for USD/CHF, USD/CAD, WTI

May 20, 2022

USD/CHF: The USD/CHF pair showed some correction after a bearish move. This rebound creates a selling opportunity for market participants in the near future. Despite investors’ expectations for more policy tightening by the Fed the Swiss franc shows its strength. Philadelphia Fed President Patrick Harker on Wednesday said he expects the U.S. central bank to deliver two more half-point interest rate hikes at its June and July meetings. Thus, the traditional quarter-point rate hike will keep price pressures in check. This strategy will help achieve the 2 percent inflation target any temporary rise above the target will be quickly offset by SNB intervention.

BUY STOP 0.97600/TP 0.98301/SL 0.96936

 

USD/CAD: The USD/CAD is trying to test the support level, after the correction in a previous bearish run. Anyway, it seems like investors are going to renew a two-week bottom. The improvement of the covid situation in China and Shanghai’s plan to gradually unlock in recent days make a positive sign to investors to give up the USD as a safe haven. There is no strong macroeconomic news in sight, pushing for further weakening at the moment. However, risk catalysts will remain in focus.

BUY LIMIT 1.28185/TP 1.28620/SL 1.27525

 

WTI: West Texas Intermediate (WTI) crude oil quotes rose for the first time in three sessions despite slowing economic growth amid rising interest rates. The Energy Information Administration reported a drop in U.S. crude inventories, which drives up demand. Also, TD Securities analysts explained that commodity markets are attracting more attention as the summer driving season comes, which will lead to higher demand for crude oil amid record refining margins. In this context, despite macroeconomic concerns, crude markets may be poised for another upswing this summer.

BUY LIMIT 105.00/TP 108.82/SL 101.59