The trend is still up on the USD/CAD pair

Forexmentor.com Forex Trading Price Action

The trend is still up on the USD/CAD pair, although we’ve had a bit of a retracement of late. Whereto from here depends a lot on commodity prices and investment inflows. The Achilles heel, though, is the prospect for lower domestic interest rates. There is not a case for a higher loonie (Canadian dollar) at the present time. So, I’m sticking to my guns that this pair still has long legs.

That said, there is nothing wrong with you unwinding half your position. Nothing wrong with money in the bank at all. Ka-Ching! Looking more closely at price action, price met resistance after the London open today at M3 – the expected high for the day – this being an M1/M3 day. Price then immediately swooned to M1 – the expected low. Pretty cool! The members area at www.forexmentor.com will offer you a variety of tools to help you get on with your forex trading.

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