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WTI & Brent Crude in “Wait and See” Mode. Forex Trading Short on USDCAD? US Indices Rising.

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In today’s GCI Market Outlook let’s take a look at Forex Trading on USDCAD, EURUSD, the Russel 2000, the NASDAQ, the Dow Jones Industrial Average, and Brent Crude and WTI Crude Oil.

Looking at the daily chart on WTI Crude Oil, we can easily see this week’s price from almost $78 as a high, down to $68.

Is this a technical trade…nope!

Even though we see technical indicators showing oversold, this is a fundamental trade as we await news from the Middle East.

For example, if the Iranians close the Strait of Hormuz or the Israeli/Iran conflict flares up, we will see price action rise.

Peace talks, of course, will see price falling.

Over the last 3 days, we see the US Indices flying higher with the NASDAQ reaching all-time highs.

NVIDIA shares reached an all-time high which helped the NASDAQ.

We saw a pull-back on the DJIA and the Russell 2000 probably based on the latest US budget bill, which was just passed.

If you look at any USD chart, except USDJPY, you see USD weakness.

This may continue as the White House is actively looking for a new Fed chair who will lower interest rates.

We see a short opportunity on USDCAD with a clear downtrend and the stochastic oscillator turning over right on cue.

But, watch out for today’s US GDP figures and tomorrow’s Canadian GDP figures, which will likely push price action in either direction.

That’s all for now.

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