Peter Bain Forex Trading Commentary for Thursday October 5, 2006
Forexmentor.com Forex Trading Price Action
"Canadian dollar shaken by commodities." Who could have guessed when that headline came out yesterday in one of our national newspapers? Isn't that what I have been saying for the past week folks? With energy prices on the wane, and a weakening U.S. economy, watch out below, as the Canadian dollar continues to weaken (read, the USD/CAD pair goes up). Expect the same for the Aussie, as Australia too is a resource-rich country. Today, the USD/CAD pair came into the session below the central pivot point, and then retested the expected low for the day (M2), just before the London open. Price then headed north again, all the while the 200 EMA was trending up. Watch that 200 EMA folks. It will tell you a lot about where price is going.
See today's chart at: http://www.forexmentor.com/campaign/oct0506.html
See sample AM Review at: http://www.forexmentor.com/sampler/
"Canadian dollar shaken by commodities." Who could have guessed when that headline came out yesterday in one of our national newspapers? Isn't that what I have been saying for the past week folks? With energy prices on the wane, and a weakening U.S. economy, watch out below, as the Canadian dollar continues to weaken (read, the USD/CAD pair goes up). Expect the same for the Aussie, as Australia too is a resource-rich country. Today, the USD/CAD pair came into the session below the central pivot point, and then retested the expected low for the day (M2), just before the London open. Price then headed north again, all the while the 200 EMA was trending up. Watch that 200 EMA folks. It will tell you a lot about where price is going.
See today's chart at: http://www.forexmentor.com/campaign/oct0506.html
See sample AM Review at: http://www.forexmentor.com/sampler/
<< Home