Brad Alexander
FX Large Limited
The month of September, after US Labour Day, can often be bad for the stock exchanges.
We can see that all the US indices fell with profit-taking.
So where did all the cash go?
It seems that an old habit of investing in the safe haven of JPY is back in style.
All the JPY pairs are falling with the stronger yen with USDJPY down to 143.
Tomorrow will be an important day for investors, traders and the Fed with the US Non-Farm Payrolls.
If the Fed gets more ammunition for an Interest Rate decrease, equities may recover.
Canadian Employment data is due at the same time which can give us some interesting trading opportunities.
Lately, CAD is weaker except against AUD.
We may have a long opportunity on USDCAD with the short-term bull run.
Price action is at a key level of $1.35 and the stochastic oscillator is oversold.
But, again, watch out for tomorrow’s economic news.
CAD weakness can be attributed to the falling price of WTI Crude Oil.
We have to move out to the weekly chart to see serious support at the current price.
That’s all for now.
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