USD vs CAD - US Dollar to Canadian Dollar Chart 2nd June 2009

If currency pairs were children then I would have to confess to a soft spot for the commodity dollars, and the usd to cad pair in particular, possibly because they have been very good for me and I do enjoy trading them because of their link with the commodity market.   From a technical perspective there is little I can add to any of my previous market commentaries for the usd to cad as the relentless fall continues and we are approach of 1.08 with a view towards 1.05 and then perhaps even parity in the next few weeks.   It is inevitable that at some point we will see a reversal higher, either as a result of profit taking or alternatively a reversal in market sentiment towards the US dollar which we could see as early as Friday, should the non farm payroll figures come in worse than expected with a consequent fall in US equities and a subsequent rise in the US dollar.   This currency pair appears to be taking a breather whilst awaiting the Bank of Canada rate statement on Thursday, followed by the employment data on Friday which will, of course, be coupled with non farm payroll.  My trading suggestions for this pair remain the same, simply add to any short positions, moving stop losses down to lock in profits, and identify further selling opportunities in the daily charts.

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