Gold & Silver Surge Ahead of US Non-Farm Payrolls | USDCAD Forex Analysis | NFP Trading Outlook

Gold took a big jump yesterday, with falling bond yields combined with a weaker USD.

Silver followed, heading back to $62, but tomorrow we have the US Non-Farm Payrolls

In today’s GCI Market Outlook, let’s take a look at Forex trading on the NASDAQ, the S&P500, AUDCAD, EURCAD, USDJPY, USDCAD, Silver, XAGUSD, and Gold, XAUUSD.

Just a reminder that these videos are intended as educational, we are only observing current market conditions, and these are not to be considered as trading advice.

Yes, gold reached $4,300 yesterday, but what is happening to other USD pairs?

USD went weaker after last week’s FOMC meeting as we discussed in our last video:

Why USDJPY Suddenly Fell | US Intervention Explained | Will the NASDAQ Catch Up? #marketoutlook

And other pairs followed.

But we are now seeing consolidation ahead of tomorrow’s Non-Payrolls, which will give the Fed more data on when to raise or lower interest rates.

A lower number than predicted will see further USD weakness and vice versa.

We also see that Canadian employment data is coming out at the exact same time, which gives us some interesting trading opportunities.

We see USDCAD falling out of this symmetrical pennant after the last FOMC, but US vs Canuck bond differentials had CAD looking weaker.

Up until yesterday, when we saw a lot of CAD shorts unwound.

On the daily chart, we see price action in a descending triangle so if the news drives price up to the upper trend line, look for a News Fade Catalyst and a possible short if price bounces lower.

Or, a break below support could see the next key level below $1.395.

We will also watch EURCAD, which is already in a clear bullish channel; price is at the lower trend line, and our technicals are oversold.

If you have been following along, you know we were trading a range in AUDCAD, but yesterday’s CAD short covering saw price break above resistance but has returned.

We are getting contradictory information from our technicals, so let’s see how this resolves itself after the news tomorrow.

Tomorrow’s NFPs will likely affect the US Indices as well, with the NASDAQ recovering and the S&P and Dow Jones Industrial Average at record highs.

Their stochastic oscillators are overbought, but the news tomorrow will override the technicals.

That’s all for now.

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