The day before the Non-Farm Payroll (NFP) release, the Dollar is confidently bullish. Price has pushed and closed above 91.200 and is on its way to 91.750.
In most cases, it’s not recommended to take trades for the majors right before the NFP. Either due to the consolidation or manipulation that may take place before the release, or the unexpected volatility during the release itself. Due to this, price action and smart money traders have focused on longs for CADJPY. After a slight pullback, this pair is looking to create the next leg up.
Crude oil continues its path to the upside as price has closed bullish on the daily for a fourth consecutive day. Price action traders have secured some profit as this swing trade has huge upside potential. It will be interesting to see how the commodity will react to tomorrow’s NFP numbers. But as things stand, Oil is looking to continue moving higher.
Tomorrow’s job numbers are expected to be positive and should push the Dollar higher. However, the Dollar has not been too responsive to positive or negative fundamentals this year. The only way to know if tomorrow is any different is to observe the Dollar during and after the release.