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Daily Forex Market Commentary:
On Wall Street today stocks closed largely unchanged as thin volume and end of year profit taking resulted in a pause in the recent advance.
Currencies:
The U.S. dollar gained marginally against the Euro, Swiss Franc, and Australian dollar, while making substantial gains against the Japanese Yen and especially the Canadian dollar, the U.S. dollar lost ground to the British pound and New Zeeland dollar. The United States economy is largely viewed as being on the road to recovery and the Fed is expected to raise interest rates sometime next year which is the underlying factor behind recent dollar strength.
Pair in focus: USD/CAD
The nicely formed daily pin bar at 1.0400 support came off nicely today as noted in yesterday’s member’s market commentary.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.
