USD to CAD - Daily Spot Market Chart 4th May 2009

USD to CAD - Daily Spot Market Chart 4th May 2009

The only item of fundamental news on the economic calendar for the usd to cad pair is the Pending Home Sales figures which are expected to come in 0.1% down from 2.1%.  From a technical perspective last week’s price action in the usd to cad saw us achieve our medium term target of 1.18 somewhat sooner than expected and given last week’s significant price move it would not be a surprise to see a temporary short squeeze higher in the next few days, before we see a continuation of the downward trend, and this should provide some excellent opportunities to open some fresh short positions as the pair starts to move towards the next major target of 1.15.  However, we do need to see a firm break below the 1.18 mark before we can be certain that the downward move will be maintained.

Later this week we have a raft of fundamental news including the much awaited stress test results for US banks which are now due out on Thursday.  All that we can say about these results is that the markets will react dramatically and emphatically and provide us with trading opportunities.

You can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the links.  In addition I have provided details of an excellent ECN broker.