Trading Room

Weekly Forex Analysis May 2 – 6, 2022 – WTI & DXY Analysis to Provide Signals For The USDCAD Pair

May 2, 2022 | 2:09 pm | The 5%ers' Blog > Trading Room
May 2, 2022 | 2:09 pm
The 5%ers' Blog > Trading Room
Weekly Forex Analysis May 2 – 6, 2022 – WTI & DXY Analysis to Provide Signals For The USDCAD Pair

JPY pairs started to attract demand

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In today’s trading room, we continued our check-up from last week on the Dollar Index. We expect the DXY to slow down the cadency and trade in a range for a few days or weeks. However, we remember that the DXY is trading actually at a yearly level that was tested 3 times in 2016, 2020, and now.

Also, we analyzed the Oil chart and highlighted some signals that this commodity can give us for the USDCAD pair, along with the USD.

The USDCAD is at a daily resistance level, and it can be rejected if Oil starts to gain some momentum and if the DXY starts to retrace.

Finally, we talked about the JPY pairs. The JPY is still very weak, but we have some movement as the EURJPY and GBPJPY brought lower movement last week.

 

We will go LIVE again tomorrow (Tuesday) @8:00 AM GMT.

 

 

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