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Here we are, almost at the end of February and it feels like the time stopped about 5-6 weeks ago. Majority of the most popular crosses are still locked in very wide ranges. There is no clear indication about next direction of the major trends. When it comes to USD, we think it is about to get stronger, but for right now we are still in trading band.
There is a notable exception to all that. Canadian Dollar has been getting steadily weaker for a few months now. We are seeing an interesting development here. Over last few years there were countless articles about relationship of CAD and oil prices. Most pundits would have you believe that there is some strong correlation between the two. Few months a go we wrote about it in this column, poking holes in this theory.
This last week it has been very visible, that the theory is very flawed. Crude has reached an all time high of over $100, while CAD continued lower. Farther weakness is expected on the heels of Bank of Canada announcement it will cut interest rates more.
Our services had an average week. See the results below and follow the link for details.
Next week we will have important news about changes in our services, so make sure you visit these pages again.
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Here are the results for last week:
- Rainbow - CLOSED TO NEW SUBSCRIBERS;
- Daily Pound made 20 pips ;
- Daily Euro gained 2 pips;
Follow the link on the right to view details.
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Last week's results.
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Our trade from last week didn't happen. We were planning to go short NZD-USD, but the market kept moving up and our entry price was not met.
We still like it so we are moving entry a little higher and still wait for the sell opportunity. Our current order is to sell at 0.7900 with a target of 0.7600.
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Trade of the week.
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We are taking a look at EUR-GBP. That's a pair we rarely trade as it doesn't move a lot in terms of pips. Those pips, however, have a high value, so every now and then we take a trade in this cross.
We are looking to go short here at 0.7515. Traget is 0.7400, a rather large for this pair, but we are looking at 3 hour charts.
We wish everybody great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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