Forex Crunch Forex Weekly Outlook – June 21-25 |
Forex Weekly Outlook – June 21-25 Posted: 19 Jun 2010 02:00 AM PDT The upcoming week is quite busy: a rate decision in the US, housing figures and the presentation of an emergency budget in the UK among other events. Here’s an outlook for the major market moving events this week. The market disregards the European troubles. In the past week, the focus was on the Spanish credit crunch. Nevertheless, the Euro continued recovering, and so did other currencies, that truly enjoy good economies, such the loonie, which is ready for parity. American figures will dominate the scene this week. Let’s start:
That’s it for the major events for this week. Stay tuned for specific currency updates. Further reading:
Ready to connect with real Forex traders? Currensee is the first Forex trading social network. |
Posted: 18 Jun 2010 02:00 PM PDT After a volatile week, the markets are now closed and it’s time for some reads for the weekend. Here are my picks of forex-related articles, all with a long-term scope. Enjoy:
That’s it. Have a great weekend! Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. |
USD/CAD Ready for Parity Once Again Posted: 18 Jun 2010 06:17 AM PDT Foreign Securities Purchases, which express the level of confidence that foreigners put in Canada, jumped to 12.36 billion, much higher than 2.87 billion Canadian dollars that was expected. This keeps USD/CAD in the lower range it reached, eying parity once again. After a month in which foreigners took money out of Canada, they now showed great confidence. This has a few factors. First, the Canadian rate hike meant that holding Canadian dollars became more attractive. In addition, the Russian central bank began purchasing Canadian dollars. They want to diversify their reserves, and not be dependent on dollars and euros alone. They also began buying Australian dollars. Another reason for foreign confidence in Canada is the state of the economy. Canadian employment and GDP are improving at a satisfying rate, better than their neighbor from the south. USD/CAD began a move downwards on risk appetite. The loonie enjoyed the appetite for risk. Stocks are rising, and the Euro is ignoring the bad news that comes out of Spain. More risk appetite – less demand for US dollars, more demand for the loonie. The price of oil, that Canada is dependent on, is also on the rise. Crude oil passed the $76 mark, and is at the highest levels since the beginning of May. It still needs to rise above $80 for USD/CAD to make an attempt on parity. USD/CAD is bound between two strong lines – 1.04 from above, which worked as a support line just last week, and 1.02 from below. 1.02 was the 2009 low, worked many times as a support line, and as a strong resistance line as well, after the pair reached parity. A loss of 1.04 will lead the pair towards 1.0550, and a break below 1.02 will open the road for parity, last seen in April. The loonie has the reasons to return to parity. Another calm week without terrible European news will send USD/CAD lower. The situation in Canada is excellent, and it suffers only from global fear. Without fear, the loonie rises. Ready to connect with real Forex traders? Currensee is the first Forex trading social network. |
You are subscribed to email updates from Forex Crunch To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
Google Inc., 20 West Kinzie, Chicago IL USA 60610 |
No comments:
Post a Comment