Good trading opportunities identified

Forexmentor.com Forex Trading Price Action

Data has shown that the Canadian economy grew at a slightly slower pace than expected in May. This was a low-side surprise which, on top of all the other factors talked about recently, was Canadian-dollar negative. It should be noted that the economic reading in April was no better – it was flat.

There are concerns that the world economy is slowing, and that there will be a spill-over effect on commodity prices. Hence, commodity-sensitive currencies, such as the Canadian and Australian dollars, are being affected adversely. The Canadian dollar hit a 30-year high of 96.74 cents last week and, since then, has dropped three percent.

The Canadian and Australian dollar pairs (USD/CAD and AUD/USD) represent good trading opportunities to the long and short sides respectively. The New Zealand currency – the kiwi – is also a good short candidate. In today’s AM Review, Thursday, August 2/07, I will be exploring the Australian dollar situation in depth. You won’t want to miss my detailed technical analysis. We give you only the best at http://www.forexmentor.com/.

See latest sample AM Review at: http://www.forexmentor.com/sampler/