Commentary on the latest trading buzz
Forexmentor.com Forex Trading Price Action
There hasn’t been any significant movement in the Canadian dollar recently – this in anticipation of jobs data due to come out Friday. The currency is trading in a tight range, with rates likely toremain unchanged in the U.S., and the Fed’s determination to fight inflation. It is widely expected that the employment report for July will come in way under the June number. Any new credit news would also have an impact on where the loonie goes from here.
The daily chart for the USD/CAD pair seems to be holding its own for the time being, with price having retraced some of its recent gains – to the tune of perhaps 50%. We are either headed for a firm bottoming out formation on that chart, or else the pair will collapse in a blaze of glory. Expert opinion has it that the Canadian dollar is worth 91 cents on the U.S. dollar – not where it’s at now. Only time will tell.
Meanwhile, the USD/JPY pair is in full flight, having put in a 2/3 retracement on the daily chart. The AUD/USD and NZD/USD pairs are in a holding pattern, after quite a swoon in price. Get all the latest trading buzz at http://www.forexmentor.com/.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
There hasn’t been any significant movement in the Canadian dollar recently – this in anticipation of jobs data due to come out Friday. The currency is trading in a tight range, with rates likely toremain unchanged in the U.S., and the Fed’s determination to fight inflation. It is widely expected that the employment report for July will come in way under the June number. Any new credit news would also have an impact on where the loonie goes from here.
The daily chart for the USD/CAD pair seems to be holding its own for the time being, with price having retraced some of its recent gains – to the tune of perhaps 50%. We are either headed for a firm bottoming out formation on that chart, or else the pair will collapse in a blaze of glory. Expert opinion has it that the Canadian dollar is worth 91 cents on the U.S. dollar – not where it’s at now. Only time will tell.
Meanwhile, the USD/JPY pair is in full flight, having put in a 2/3 retracement on the daily chart. The AUD/USD and NZD/USD pairs are in a holding pattern, after quite a swoon in price. Get all the latest trading buzz at http://www.forexmentor.com/.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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