Friday’s non-farm payroll shook up the markets, but not in the way most were expecting.

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In today’s Weekly Forex Forecast, I break down the key details, including my trading plans for the US dollar, EURUSD, GBPUSD, USDCAD, and XAUUSD next week.

Watch the video below for the details.

US Dollar Index (DXY) Forecast

The DXY surged above 109.50 resistance on Friday, fueled by a scorching set of US employment numbers.

While Friday’s non-farm payroll caught many off-guard, those following my posts and videos since last October were well-prepared.

Earlier this week, I highlighted the likelihood of the US Dollar Index testing the top of its 2023 channel between 110.50 and 111.00.

However, dollar bulls need to secure a daily and weekly close above 109.50 to confirm the breakout.

If that happens, channel resistance is the next stop.

Until then, the DXY might face some resistance around the 109.50 level.

EURUSD Forecast

EURUSD tested the 1.0200 support area again today after a much hotter-than-expected US jobs report.

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Earlier this week, I mentioned the potential for a sweep of the January 2nd low at 1.0222 before a bounce, and that’s exactly what played out during Friday’s session.

With 1.0200 as a key support and 109.50 acting as resistance on the DXY, we could see EURUSD range in this area for now.

That said, the euro still has to contend with the 1.0090 imbalance from late 2022.

There’s no guarantee EURUSD trades that low or tests parity, but fighting an established trend without signs of a reversal is rarely a good strategy.

Looking ahead to next week, 1.0200 remains support, with resistance at 1.0350.

GBPUSD Forecast

GBPUSD tested another downside target today at 1.2200, following last week’s break below 1.2485 and a test of the critical trend line resistance from 2022.

/daily-price-action-membership/The pair also closed below 1.2380 on Wednesday, which I highlighted to VIP members as a potential continuation pattern.

While GBPUSD may range a bit next week, I still favor looking for short opportunities on any strength.

One area of interest for shorts is the 1.2330 to 1.2350 region.

A retest there could offer a setup for a move back to 1.2200 and possibly 1.2080.

If GBPUSD closes this week below 1.2200, that level would flip to resistance going into next week.

USDCAD Forecast

USDCAD delivered mixed signals on Friday, with both US and Canada employment figures coming in stronger than expected.

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As mentioned in the VIP Discord group this month, I was anticipating a sweep of the lows below 1.4350, followed by a bullish reclaim—and that’s exactly what happened on Wednesday.

USDCAD has rallied nicely since then.

I entered long at 1.4365, planning to add to the position if we see a sustained breakout above the 1.4450 range highs.

Whether or not that happens next week, I continue to favor USDCAD higher, with a target at its decade-long range highs near 1.4670.

XAUUSD (Gold) Forecast

Gold is surging above its $2,675 resistance area today, even after Friday’s strong US jobs report.

You might be wondering why XAUUSD is rallying alongside the US dollar.

One reason is gold’s role as an inflation hedge.

Today’s employment data points to a resilient economy, which suggests inflation may remain sticky.

And when inflation sticks, investors often turn to gold for protection.

That said, I’m a technical trader, and my short from $2,677 was based entirely on the chart setup.

Right now, a daily and weekly close above $2,675 would flip this area into new support next week, opening the door to $2,716 resistance.

However, if sellers manage to keep gold below $2,675 by today’s close, the level will remain as resistance heading into next week.