Forex Chart - USD to CAD Daily 20th April 2009

There is only one item of meaningful fundamental news on the economic calendar for the Canadian dollar today and this is the foreign securities purchases issued by Statistics Canada.  The data measures the value of domestic stocks, bonds and money market assets purchased by foreigners during the reported month.  The forecast is 1.28 bn against a previous of 10.43 bn and any improvement on the forecast is considered positive for the Canadian Dollar.  Meanwhile in the US there is only one minor piece of news which is the Conference Board Leading Index (CB Index), an amalgam of 10 economic indicators, and which has relatively little impact on the currency market.  The forecast is for -0.2% against a previous of -0.4%.

From a technical perspective Friday’s candle, whilst an up bar, closed below all three moving averages and once again suggesting that the bearish trend remains in place thereby providing opportunities for entering any longer term short positions.  Indeed with prices marked significantly higher this morning this once again can also provide good opportunities for entering short positions and I would suggest looking for these in the hourly charts.    Just be aware that today’s price action is likely to be driven by unusual price moves given the lack of fundamental news being released and this morning’s strong up move could be such a result.  As always whatever your preferred trading time frame do not trade without a stop loss.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live charts by simply following the links.  I have also included details on an excellent ECN broker.