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| Dominant Canadian Dollar.
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Within rather quiet Forex markets, Canadian Dollar stood out as a dominant currency for second week running. The Loonie made massive gains, in the 1000 pips range, practically across the board.
The Bank of Canada declared Canada's recession to be virtually over and offered a mostly upbeat view on the world economy. As well, the central bank toned down its stance against the Canadian currency's appreciation. Earlier in the year BoC had issued warnings about the strength of CAD.
This sentiment was also repeated on Thursday Bank of Canada Governor Mark Carney warned on Thursday that the bank would not be afraid to use unorthodox tools if it felt the Canadian Dollar was climbing too sharply. He also said that a rising CAD was hurting the country's exports, but that the currency has not reached a level to cause serious worries.
After what the Swiss National Bank did with CHF, one could be wiser to pay attention to what central banks say. They could mean business. Is it why Canadian Dollar advance slowed down on Friday? Maybe.
Our trading was typical of summer season- not very exciting. Systems had mixed results, at about break even. Please see the numbers below and follow link for details.
(Sunday 07.26.2009)
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Here are the results for last week:
- Daily Pound made 46 pips ;
- Daily Euro lost 14 pips;
Follow the link on the right to view details.
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Last week's results.
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This has been a very quiet week for us, and these trades were no exception. In Sovereign credit rating we discussed a trade in USD-CHF. It was a second week in a row that we are targeting this pair. Once again, our intended entry price of 1.0821 was not reached. We are adjusting the buy order to 1.0777. Objective remains the same, at 1.0920.
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In this section of our website, we are taking an unusual step. We are repeating the trade from last update. As already mentioned, we had very slow week, so, we are sticking to our previous recommendation.
And it was a sell in AUD-USD. The order is adjusted slightly, we raised from 0.7955 to 0.8085. Our target is 0.7985, or 100 pips.
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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