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Today’s Trades 03.06.2018 – USDCAD, EURUSD
*Good morning/afternoon everyone!*
Asian and European equities enjoyed decent gains overnight, leading to a continued improvement in risk appetite that is keeping the U.S. dollar under pressure. The dollar is down across the board at the start of the NY session and with Dow futures pointing to a significantly positive open these gains should be sustained. EUR/USD blew past resistance at 1.2360 and is now eyeing 1.24. GBP is also very strong and should break 1.39 but the biggest gainer is NZD ahead of its dairy auction. USD/CAD rejected 1.30 and appears poised for a move down to 1.29. The only pair that is rallying cautiously is USD/JPY. These gains are fueled by reports that North Korea is willing to denuclearize if regime safety can be assured. Trade war headlines and U.S. equity market performance remain the key focus. Today’s U.S. durable goods and factory orders report aren’t expected to have significant impact on currency trade.
*The MAIN THEMES I see today are*
+EUR, +GBP, +CAD, +AUD, +NZD
*Today’s Initial Trades*
Here’s the summary --
1. Buy EURUSD at 1.2398, Stop at 1.2370, Target 1.2426
2. Sell USDCAD at 1.2930, Stop at 1.2968, Target 1.2902
Close ALL open day trades by 10:20AM NY / 15:20 GMT