I'm still holding onto my short position with USD/CAD -- having had the opportunity to speak with a few market analysts, I received quite a few mixed suggestions as to which direction this pair is looking to head towards. What I can point out is that historically, well, at least within the past few months, CAD news has made a bigger impact on this currency pair than US data such as the NFP which is due this Friday at 8:30AM. With speculation that CAD news will continue to follow a positive trend, I'm eager to see where my short position will end up. I already have my stop set in place so I'm just hoping for the best when it comes to this trade.
We see EUR breaking newer and newer highs but all traders who invest in EUR must think about the impact this recent explosion will have on the European economy. At 1.3, people started getting worried that EUR is getting overpriced. After hitting 1.4 levels, businesses were concerned at the seemingly unstoppable appreciation of their currency value and its affect on imports/exports. The 1.5 levels brought upon protest in the streets which leaves linguiring thoughts as to when the government will step in and do something about it. If your in the market for the long term, look to short this pair and start the repurchasing of the US Dollar.
If you look at the tech analysis I did for GBP/USD - what you'll see is that it broke past a major resistance from its triple top. We're looking at a range of a little under 500 pips. Theres quite a ways for it to go up from here which leaves me asking "how much and when?". Nothing is certain yet because this may just be a false break, but according to my analysis, I would say long the pair with a stop at 1.9933 and a limit at 2.0400
