Daily Trading Opportunities – Friday, February 3

During the Friday session, we get several announcements in the form of Services PMI coming from the EU, the UK, and Germany. Because of this, there should be quite a bit of volatility early in the day, and thus we are looking at the following 3 assets:

Silver

Silver markets tried to rally during the day on Thursday, but found enough trouble above the $17.60 level to turn around to form a bit of a shooting star. This is a market that has a massive amount of support just below though, so it’s likely that every time the market pulls back, call buyers will try to increase momentum to the upside.

WTI Crude Oil

The WTI Crude Oil market initially rallied on Thursday but found the area above the $54 level to be far too resistive. By doing this again, looks as if the market is going to continue to go back and forth so put buyers may be entering the market to continue the overall choppiness that we have seen.

USD/CAD

The US dollar fell against the Canadian dollar, but continues to find support at the 1.30 handle. Because of this, a bounce could be coming but we have a shooting star from the Wednesday session suggesting that it will be very choppy. Short-term scalping in a back-and-forth motion will probably be what most options traders are going to be doing.