Forex Bull

The USDCAD has surged higher during this month to break above major resistance levels, but our indicators suggest that the pair will retrace back to the downside over the next few trading sessions.

Yesterday we looked at the CAD/JPY with the break down through support confirming CAD weakness.

U.K.

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Identifying Trades with DailyFX 10.23.08 (Daily FX)

Asian trading saw the Euro break the 1.2800 mark as volatility saw investors flee towards the US Dollar and away from Europe. In a series of sensational moves, the New Zealand Dollar made a surprising bounce upward after its central bank cut rates by 100bp.

The dollar fell to a six-month low against the Japanese yen late Wednesday night. The greenback dropped to 97.64 yen from the 97.97 yen it bought in late afternoon trading, after falling as far as 97.32 yen earlier in the day.

The dollar rose against the euro late Wednesday night in New York.

The dollar fell against the pound in late New York trading Wednesday night. The pound dropped to $1.6261 from $1.6337 in late afternoon trading on Wednesday. Earlier in the day, the pound fell as low as $1.6138 — its lowest point since September 2003.

Thu, 23th of October, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook The EURUSD continued it’s bearish momentum yesterday. The pair hit my short target at 1.2875 , even further, bottomed at 1.2737 and closed at 1.2826 . This is the lowest price of the Euro since November 2006 (See the chart) at 1.2681

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Euro Hits Two Year Low Against US Dollar (Daily FX)