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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
The Dow closed up 50.79 point today as a much better than expected existing home sales report indicated increasing stabilization in the housing market and gave a boost to optimism about the economic recovery.
Currencies:
The U.S. dollar rally continued again today as the economic recovery is giving rise to increased speculation the Fed will raise rates sometime next year. Higher interest rates are good for a country’s currency because they signal it’s economy is heating up and provide a higher yield to investors.
Pair in focus: USD/CAD
USD/CAD- Inside bar today within yesterday’s fakey. The fakey setup is still valid and trader’s could buy a break of the high of today’s inside bar and target 1.0700 area. A tight stop could be set below the low of yesterday’s fakey bar, make sure to manage your risk effectively.
For a more in-depth analysis of the Major FX Pairs and Price Action education please check out my forex trading course.
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