CAD Falling on Employment and Interest Rates. Range Trading Gold (XAUUSD) and Silver (XAGUSD). Forex Trading Short AUDCAD.

In today’s GCI Market Outlook let’s take a look at Forex Trading on Gold (XAUUSD), Silver (XAGUSD), EURAUD, EURUSD, AUDCAD, and USDCAD.

Last Friday, Canadian new employment was up by more than double the estimate.

So? Why then did CAD get so much weaker?

Apparently, the new Canadian jobs were mostly government jobs but the unemployment rate was higher than expected.

This will lead the Bank of Canada to look at a big Interest Rate cut on Wednesday.

The prediction is for 0.5% and if it is higher or lower, expect volatility.

We have to go out to the USDCAD monthly chart to see price action this high from 2015 and the COVID days of 2020.

Many CAD pairs have similar price action don’t hold you breath of a reversal.

However, on AUDCAD, we may have a short opportunity if price action bounces off the upper trend line.

Thursday we have Interest Rate decisions from Switzerland and Europe-

Meanwhile we are watching an opportunity on EURUSD as price action is near the lower trend line in this bull run.

The stochastic oscillator is very oversold and crossing up.

Last time we were watching a descending triangle on EURAUD and price action broke out to resistance at 1.65.

Let’s follow our technical indicators to see if we have range trading opportunities.

Speaking of range trading, price action on both gold and silver is now ranging between support and resistance.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.