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Daily Forex Market Commentary
The U.S. dollar gained modestly on most of the major currencies today, however, after gapping open in favor of the greenback yesterday, most of these U.S dollar gains have been erased as of the New York trading session close.
The greenback did gain considerable ground against most of the major currencies last Friday; however this movement was against the recent bearish momentum of the greenback.
The U.S. dollar closed higher over Friday’s close against all the major currencies today except the New Zealand dollar which it lost marginally to.
Stocks:
On Wall Street today stocks gained ground after investors reassessed the possible damage of the fraud case against Goldman Sachs, earnings optimism also contributed to the rally.
The Dow added 73.39 points, or 0.67 percent, the S&P 500 added 5.38 points, or 0.45 percent, and the Nasdaq gained 1.15 points, or 0.05 percent.
Currency pair in focus: USDCAD
The USDCAD has formed a bearish pin bar off resistance today. The pin bar is going with the direction of the dominant downtrend, as such, it takes on added significance.
When we get confluent signals like this, such as price action, horizontal levels, and trends, all in agreement, we typically give more weight to them.
Check out this great video on trading with confluence: Forex Trading Video
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading course.
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