Wake up Monday morning and all you hear is “horrible Non-farm Payrolls shocks the markets,” “rate hikes delay on tap on worse than expected jobs report.”
Well, considering the fact that most investors were expecting a 245K increase in new jobs created, a 126K reading can definitely strike a dollar bull with a shock. But is the NFP (Non-Farm Payrolls) reading on Friday really that bad?
Recording from ABC News Studios in New York I was live on Business News Network talking about my views on the USD.
Let’s take a closer look to the US economy from four different aspect:
1- NFP was sure way below expectations but unemployment rate was unchanged at 5.5%
Shorting USD/CAD for a Short period of time
That being said, it doesn’t mean we wouldn’t like to make some pips on the USD pullback. So, with the confirmation below the pivot level of 1.25, I’m in position for a short bearish trade with target set at the 23% Fibonacci level at 1.2179. stop loss is set at 1.29.