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Waiting on the trade balance for Canada, eh? Well, at 8:30 EST we’ll get Canadian capacity utilization, import and export figures and the trade balance.

The consensus is expecting an improvement on all counts. And though imports and exports are expected to pretty much offset each other, the gains from the prior period are expected to favor exports.

Regardless of today’s reaction – up or down – of the Canadian dollar, it’s likely to be a big reaction.

I say that because the Canadian dollar is so far little changed from when markets opened up in Asia overnight. And we’ve gotten through the markets opening up in Europe, too, without much change.

This tight, sideways trading inherently ...

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EUR/USD

The Euro again dipped to test support below 1.3550 against the dollar on Wednesday and the US currency was also unable to sustain a break below this level for the second day.

The Euro was able to stage a technical recovery during the day, bolstered by the ability to hold support and there was also some easing of tensions surrounding the Greek debt situation. The Euro pushed to highs above 1.3650 during the New York session as risk appetite was firm.

There were no major US economic data releases during the day, although the budget deficit was at a record level for February which is likely to cause some renewed doubts over the US fundamentals and may hamper the dollar.

US Federal ...

As the London session began today we were showing signs of the EUR/GBP challenging it’s previously broken resistance as role reversal support. Sure enough we did indeed break it halfway into the London morning. This also popped the GBP/USD to a higher high of it’s recent range, along with GBP/JPY and the GBP/CHF pairs, everything GBP basically. While all of the aforementioned pairs offered decent trade plan/set-ups this video I focus entirely on how we built the plan on the EUR/GBP, waited for our entry criteria to be met, then pounced on it once this criteria was achieved. Very successful day buying the British Pound, but one HAD to have patience early on in the day, as we were in a range for the first couple hours of London today.
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