Four tradable economic events today – US Supreme Court to rule against tariffs? [Video]

In today’s GCI Market Outlook, let’s take a look at Forex Trading on the Dow Jones Industrial Average, the Russell 2000, the Nasdaq, Brent Crude Oil, WTI Crude Oil, EUR/USD, and USD/CAD.

First of all…welcome to the New Year in 2026, where we can expect surprises and volatility to trade, we are certain.

Let’s start off with USD, which has shown strength against every other currency since the end of 2025.

There are many reasons why USD might be rebounding and the simplest answers relate to renewed confidence in USD as a safe haven.

We can see from this EURUSD weekly chart the incredible slide in value of USD over the course of 2025, so we may just be witnessing the reversal.

Also, there seems to be less interest in cutting rates by the Fed.

Getting back to USDCAD, the fall in CAD can also be attributed to the sliding crude oil market, and we will look at that in a minute.

For now, though, let’s look at today’s economic events.

The US Non-farm payrolls were delayed in 2025, which caused uncertainty in the USD and indices, so hopefully, we are back on track now.

The forecast number is still relatively low, but any figures higher or lower will give the Fed some data on future interest rates, which will drive the value of USD.

Also, when we have both Canadian and American employment figures at the same time, contrary numbers can often create great trading opportunities.

As mentioned, we still see the crude market sliding on the daily charts, but we are also seeing resistance on WTI at just over $58.

If we look at the 4-hour chart on Brent Crude, we see today’s jump above resistance in this trading range based on geopolitical issues in Venezuela, Iran, and Russia.

The stochastic oscillator is overbought, but check the news before going short.

And, big news on tariffs may be coming from the US Supreme Court today…or maybe not.

This will have an effect on the indices either way, so watch the news.

If the tariffs are deemed illegal, we may see a jump in the indices.

Also, we see big jumps in the DJIA and the Russell 2000, but the S&P500 and the NASDAQ are stable or falling.

This divergence is a direct result of the tariffs, as DJIA and Russell 2000 companies are more affected.

The market consensus is that the Supreme Court will rule against the illegal tariffs, but watch the news today.