Peter Bain Forex Trading Commentary for Thursday October 26, 2006
Forexmentor.com Forex Trading Price Action
The Canadian dollar (USD/CAD pair) is hanging tough. Last time I checked, it was at 1288. So, the uptrend is intact, and everybody is happy again. All those tears have been wiped away. Now, let's get onto something new - actually, something old that's new again. Back to the euro. Last night, the 4 hr. and 1 hr. charts (a la MACD) foretold a rise in price. So, it was no surprise today that the euro was in full flight, having bottomed out at 1.2484 on 10/13 - pretty much where I said it would go way back in June (in response to COT data). No, I lied. Actually, if you recall, I said it would go to 2480, or thereabouts. Okay, I was off by four (4) pips. I'll try better next time. Now, maybe you'll believe me when I say the USD/CAD pair is in an uptrend?!
See today's chart at: http://www.forexmentor.com/campaign/oct2606.html
See sample AM Review at: http://www.forexmentor.com/sampler/
The Canadian dollar (USD/CAD pair) is hanging tough. Last time I checked, it was at 1288. So, the uptrend is intact, and everybody is happy again. All those tears have been wiped away. Now, let's get onto something new - actually, something old that's new again. Back to the euro. Last night, the 4 hr. and 1 hr. charts (a la MACD) foretold a rise in price. So, it was no surprise today that the euro was in full flight, having bottomed out at 1.2484 on 10/13 - pretty much where I said it would go way back in June (in response to COT data). No, I lied. Actually, if you recall, I said it would go to 2480, or thereabouts. Okay, I was off by four (4) pips. I'll try better next time. Now, maybe you'll believe me when I say the USD/CAD pair is in an uptrend?!
See today's chart at: http://www.forexmentor.com/campaign/oct2606.html
See sample AM Review at: http://www.forexmentor.com/sampler/
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