The green buck seems to recover against the Canadian dollar as it makes the slow climb after sell rout and which may be just a correction
move as the down rally cools off albeit temporarily. Also, this week the
dollar was given a jack in the arm after the federal reserve upbeat
economic outlook that they stated this mid-week, which was way different
from the projections they had stated prior during the month of June
meeting.To get more news about
WikiFX, you can visit wikifx official website.
Also, though not implicit but according to my readings between the
lines, it seems Chair Powell or the board members at large, are or may
be confident that, the American economy will recover faster than
expected even against global coronavirus pandemic.
Starting the trading month of September, market structure has been making an
ascending channel making higher highs and higher lows and you can see
buyers are rejecting any down moves or price bid to the down side as
seen by those green piercing candle that were two of them that formed
during yesterday trading day session.
More than the key levels as clearly enumerated on the charts, market
participants are awaiting todays retail sales data from Canada and if
falls short of market forecast, then we expect supporting limit or stop
orders to the upside especially after break and retest of yesterday
trading session high.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the
markets and out of which, one and a half years of that as a prop
trader, trading large and mid-cap American equities at one of the DAY
TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of
experience in senior management roles driving small to large business
development and B2B relations in creating and implementing; learning
& development solutions, programs, organizational strategies &
frameworks, and blended learning approaches for companies and
institutions in Africa
