With the ADP employment numbers, the ISM numbers, and of course the Services PMI numbers coming out of the United Kingdom, there should be a handful of trading opportunities during the day. We are currently paying attention to the following three markets.
EUR/USD
The EUR/USD pair continues to chop around just below the 1.05 level. With strong numbers coming out of the United States, it’s likely that put buyers will return near the overhead resistance. There is a lot of resistance all the way to the 1.07 level, so more than likely any rally will be somewhat limited.
USD/CAD
The Canadian dollar gained against the US dollar during the session on Wednesday, as we continue to roll over a bit. Currently, it appears as the 1.33 level is offering support. If we can break down below there, that could attract more put buying. This will coincide more than likely with higher oil prices.
WTI (US Oil) The WTI market initially tried to rally on Wednesday but gave up its gains and rolled over again mid-day. Because of this, looks as if we are still going to struggle to continue bullish pressure. The market looks a little bit heavy at the moment, so put buyers may be encouraged below the $52 handle.
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