Peter Bain Forex Trading Commentary for Friday September 29, 2006
Forexmentor.com Forex Trading Price Action
Yesterday, I talked about how price on the USD/CAD pair was going to go through the MACD neutralization process on the 15 minute chart, and price was also going to retest the common sense trendline on the daily chart, before it headed north again. Well, guess what folks .... that's exactly what it did. The uptrend on the pair is still intact. Translation: The Canadian dollar is experiencing the weakness I have been talking about of late. I am personally committed to being short the Loonie. My premise about also expecting further deterioration on the Aussie, euro and pound is also coming to fruition. What this all means is the U.S. dollar has legs, at least in the short term, commodities-rich countries are seeing their currencies suffer, as commodities prices wane, and the Canadian economy is not as robust as once thought.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Yesterday, I talked about how price on the USD/CAD pair was going to go through the MACD neutralization process on the 15 minute chart, and price was also going to retest the common sense trendline on the daily chart, before it headed north again. Well, guess what folks .... that's exactly what it did. The uptrend on the pair is still intact. Translation: The Canadian dollar is experiencing the weakness I have been talking about of late. I am personally committed to being short the Loonie. My premise about also expecting further deterioration on the Aussie, euro and pound is also coming to fruition. What this all means is the U.S. dollar has legs, at least in the short term, commodities-rich countries are seeing their currencies suffer, as commodities prices wane, and the Canadian economy is not as robust as once thought.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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