Free Trade Ideas

Welcome to Tuesday’s trade! Business has certainly picked up as traders attempt to price the chaos unfolding in the Middle East. Weekend airstrikes from the US on Iran were the key market driver on Sunday’s electronic open. For Monday, Iranian strikes on Qatar and the announcement of an Israel/Iran ceasefire spiked participation—truly an unbelievable news cycle.
Now, it’s Tuesday. Reports at this hour are stating that the Israel/Iran ceasefire was short-lived. Trump has taken to the airwaves, chastising both sides and demanding an immediate ceasefire. This fresh uncertainty comes as Trump and the US envoy are headed to a high-stakes NATO summit. Anything can happen at this point; we’ll have the latest at today’s US session livestream at 1:00 PM EST.
Commodities have been hit hard by the chaos of the past week. Gold and crude oil are down big, as is silver. Natural gas is also hemorrhaging, as traders appear content to price Middle East peace into the markets. In our Switchmarkets Newsletter, we cited the commodity dollars as our Pick of the Week. Here’s a vital resistance level to watch in the USD/CAD:
Weekly 62% Fibonacci Retracement, 1.3833
Be sure to check out our Key Levels for more information on this Trade Idea. At this hour, there are still huge questions regarding the future of the Middle East. Although an Israel/Iran ceasefire is in place, it is shaky at best. The world is watching closely for any developments in the region.
Trade well, and we’ll see you at 1:00 PM EST for our US session livestream!