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Nonfarm Payroll Numbers
During the day on Friday, we get the granddaddy of them all – Nonfarm Payroll Numbers. This of course will greatly influence what happens over the next several sessions, if not the next several weeks. After all, the economic landscape out there is fairly uncertain, and with the Federal Reserve raising rates recently, people are waiting to see whether or not they will be able to anytime soon.
USD/CAD offering call buying opportunities below
We believe that the USD/CAD pair will continue to be very bullish, and the fact that we ended up forming a negative candle during the day on Thursday does not dissuade us from going long via calls. After all, the market is most certainly in a bullish uptrend, and we believe that a lot of the pullback will simply be people standing on the sidelines as they know the employment numbers from both countries come out today, which can cause quite a bit of volatility. Pullbacks at this point in time offer call buying opportunities as far as we see.
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WTI bounces
The WTI Crude Oil market fell all the way down to the $32 level during the session on Thursday, but turned back around to form a bit of a hammer. The hammer of course is a very bullish sign, but quite frankly we see more than enough bearish pressure above to simply wait for a put buying opportunity on signs of resistance.
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British pound continues to fall
The GBP/USD pair broke down yet again during the session on Thursday, as we continue to trying to reach the 1.45 handle. At this point in time, we believe that short-term rallies will offer short-term put buying opportunities in a market that is most decidedly bearish.
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