USD/CAD
What a pair this is to trade with!!! As we all know this pair is directly affected by the commodities. We can clearly see how it is making all the same moves and following the same trends as the gold, silver, oil and AUD. Tomorrow we will see what the interest rate will be in Canada. The results alone can shape the future of this pair over the trading week, so it is well worth it to keep an eye out for this announcement and the subsequent movement for this pair.
Resistances-1.0370 – 1.0433-1.0485
Supports-1.0305 – 1.0266-1.0205
EUR/USD
Last week we witnessed the EUR continue to gain on the USD. On Friday we also saw the market do a bit of a correction favoring the US by 100 pips respectively.
Today starts a new trading week and the market correction done on Friday has already been erased and we are seeing the trend we have been discussing continue. Make sure to update your support and resistance lines before entering this position
Resistances- 1.4950– 1.4967-1.5000
Supports- 1.4900-1.4875-1.4817
Fundamentals: We have a few announcements today which will affect the market.Coming from United States we have the “Fed Chairman Bernanke Speaks”. (15:00 GMT)