Thursday, April 7, 2011
eur/cad and other Canadian dollar pairs
Yesterday I told you that eur/usd was at a very important level and that there was a possibility for the pair to break up and go thousands of pips upwards. However, the news came and the pair failed to go upwards and is slowly moving downwards. If the situation does not change this week we can actually see a thousand pip trip not upwards but downwards. As I said, the pair has been running for a few months and it could go for a more significant reversal now.
The same can be said about gbp/usd. The news that came from BOE met expectations and I doubt if the market will be pushing the price upwards. However, you should always remember not to follow blindly anybody’s opinion, but to check things, data and make predictions on your own. As there is no more serious data from the region this week I expect both pairs to go down in the short term.
There is some important data coming from Canada tomorrow and it could create pretty serious moves in Canadian dollar pairs. I will be watching usd/cad, eur/cad and gbp/cad for some daily trends in the pairs. See you tomorrow.
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