Commentary on the USD/CAD and USD/JPY

Forexmentor.com Forex Trading Price Action

The USD/CAD pair has come back to life, but I am keeping a watchful eye on it, as it could very well be moving towards a 1-2-3 top on the weekly chart (or double top, or whatever). Not sure at this point, but I have my finger on the trigger to unwind the other half of my position in this pair. You will know it the minute I do it. I’m not greedy. I’ve made over 850 pips since I jumped on board, back in September of last year. Not too shabby.

On the other front, the USD/JPY pair performed as I expected it would. We got the price weakness I talked about earlier this week, but now we are experiencing a retracement against the overall trend, which was down. I’ve been asked to comment on the euro, and will endeavorto do so tomorrow, or early next week. In the meantime, keep your eyes glued to www.forexmentor.com where new things are happening all the time.

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