Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

It sure looks like the USD/CAD is trying to base on the hourly chart – as at mid-day Wednesday, June 6/07. We’ve had a couple days where the 0560 level has held in terms of support. I’m sure Steve Nison would agree based on what he had to say in his two recent webinars for Forexmentor.com – which were great, by the way. A hammer ended the swoon in price June 3rd. That said, the EMAs (50, 100, and 200) are all stacked favoring the continuation of the down-trend. Let’s see if the aforementioned support holds.

We’re all looking for a turnaround in this pair – at least the fundamentals seem to support that notion, depending upon who you talk to. The Canadian economy really starts to suffer, as its currency rises – translation: USD/CAD falls. When the turn comes, it will represent a golden trading moment. We’ll see.

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