Peter Bain Forex Trading Commentary for Friday October 6, 2006
Forexmentor.com Forex Trading Price Action
"Commodities at risk." "Loonie slips with commodity prices." Those were the headlines in yesterday's newspapers. Who could have guessed? Isn't that what I have been saying oflate? Where commodities go, so too do the currencies of Australia and Canada, two resource-rich countries. Now, what should one do, knowing all this? Well, in one instance,you could consider buying weakness in the USD/CAD pair - possibly as a position trade, and holding it. Technically, the 1-2-3 pattern on the weekly chart is holding, and MACD issupporting the rise in price - as is trendline analysis.
See today's chart at: http://www.forexmentor.com/campaign/oct0606.html
See sample AM Review at: http://www.forexmentor.com/sampler/
"Commodities at risk." "Loonie slips with commodity prices." Those were the headlines in yesterday's newspapers. Who could have guessed? Isn't that what I have been saying oflate? Where commodities go, so too do the currencies of Australia and Canada, two resource-rich countries. Now, what should one do, knowing all this? Well, in one instance,you could consider buying weakness in the USD/CAD pair - possibly as a position trade, and holding it. Technically, the 1-2-3 pattern on the weekly chart is holding, and MACD issupporting the rise in price - as is trendline analysis.
See today's chart at: http://www.forexmentor.com/campaign/oct0606.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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