Commentary on the USD/CAD

Forexmentor.com Forex Trading Price Action

Well, okay, have we hit bottom on the USD/CAD pair yet? Looks like it’s trying to bottom out. We have good support at the 0560 level – since June 4th. Could be a good bottoming out process.Steve Nison said he likes that kind of solid foundation. We’ll see.

Here’s what the local rag (National Post) had to say: “We’ve had some weakening in the domestic data, some weakening in commodity prices, we’ve seen a somewhat firmer U.S. dollar, and an abrupt increase in U.S. interest rates. And, yet, the loonie is very much hanging in, despite these negative influences. Brought to you by www.forexmentor.com.

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