Wednesday, July 04, 2007
Forex Day Trading : USD/CAD looking more and more bearish
Forex Day Trading : USD/CAD looking more and more bearish
As you know, the fundamentals have a lot of impact on how the currency pairs behave. One of the common fundamental indicators that drive the USD is the oil price. Yes, since the oil and gas is consumed very heavily in USA, it has direct impact on the American inflation and so on the bank rates.
However, the price of gas impacts the USD/CAD currency pair the most. This is because USA imports a lot of oil from canada. So, the costlier the oil prices, the stronger the CAD currency will become. Thats the reason, you might be seeing that USD/CAD is falling significantly.
At this time it looks to me that this currency pair is going to fall more, so after some retracement, I'll place sell forex trading order. I won't consider USD/CAD for forex day trading.
Day trading is mostly for major currency pairs such as EUR/USD, GBP/USD.
Thats all in this post..Keep visiting for updates on Forex Market and news.
As you know, the fundamentals have a lot of impact on how the currency pairs behave. One of the common fundamental indicators that drive the USD is the oil price. Yes, since the oil and gas is consumed very heavily in USA, it has direct impact on the American inflation and so on the bank rates.
However, the price of gas impacts the USD/CAD currency pair the most. This is because USA imports a lot of oil from canada. So, the costlier the oil prices, the stronger the CAD currency will become. Thats the reason, you might be seeing that USD/CAD is falling significantly.
At this time it looks to me that this currency pair is going to fall more, so after some retracement, I'll place sell forex trading order. I won't consider USD/CAD for forex day trading.
Day trading is mostly for major currency pairs such as EUR/USD, GBP/USD.
Thats all in this post..Keep visiting for updates on Forex Market and news.
Labels: currency trading, forex day trading, forex inflation, forex news, oil price, USD/CAD
