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Daily Forex Analysis - CAD & Crypto Currency Analysis - 06 Aug

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Currency call summary 06 08 2021 with LCMS Traders:


USDCAD is currently in a conflicted situation with a strengthening DXY and also WTIUSD is moving higher which is bullish for the CAD. CADJPY is a buying opportunity if price can get to 88.00 with a 30 pip stop loss and a 60 pip take profit, with the catalyst to this trade being the CAD Employment Change and Unemployment Rate released at 20:30 GMT+8. For BTCUSD if price can get to 42 000 USD this can be taken as a buy trade with a 1000 pip stop loss and a 3000 pip take profit. ETHUSD is a buy trade if price can get back through 2800 using a 300 pip stop loss and a 500 pip take profit. In the first 20 minutes of today's call Gim Hong went over the BoE meeting yesterday and also this morning's speech fro RBA Governor Lowe. The DXY is looking for a close to or beat of NFP expectations and also Average Hourly Earnings (MoM) will be of focus to see if the US dollar can push over recent tops at 92.50.




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