Forex United States Session Trading Review – Canadian Dollar on a comeback

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The Euro today during the EU/US session overlap against the Dollar fluctuated between gains and losses. Initially there was barely any significant change following reports on a possible further financial aid for Greece. Nevertheless following the Dow Jones News report that Greece could receive a new 60 billion euro aid in June has probably helped the single currency to make gains later in the US session and since 19:30 has earned over 60pips.

The Sterling that was able to rise to a month high against the Euro has fluctuated around a 70 pip range against the Dollar. The Sterling has been declining against the Dollar during the last week however during the US session it has remained at the same levels with no direction being dominant at the end of the session. Important trade balance figures as well as a quarterly inflationary report, is to be announced today in the UK.

The US Dollar has continued to extend its gains against the safe haven Swiss Franc. A combination of lower than expected Consumer Price figures for Switzerland , as well as hawkish Import Price figures for the USA have helped the Dollar today to make this rise today. The session has opened at 0.8772 has rose as high as 0.8822 and it is currently correcting before it probably rises again.

The Canadian dollar was able to rise higher against the U.S. being boosted by stronger commodity prices that rose on the back of healthy Chinese trade balance figures. China had posted its biggest trade surplus of the last four months which points out a stronger global economy. The Canadian Dollar was traded in a range-type pattern against the American Greenback and it currently appears that the Canadian has outlasted as it is very close to a 4-day high.

Gold today has made some small gains but continued to rise in value. The precious metal has found a very strong support level around USD1519.50 an ounce as it was tested several times today. The elevation of violence in Libya, inflation concerns, the European Debt crisis as well as a weakening Dollar were amongst the major drivers for the Gold recording gains.

 

EURUSD USDJPY GBPUSD USDCHF USDCAD GOLD
OPEN 

(12:00 GMT)

1.4334 80.64 1.6333 0.8772 0.9605 1515.13
DAY’S HIGH 1.4411 80.84 1.6383 0.8822 0.9610 1519.53
DAY’S LOW 1.4319 80.52 1.6316 0.8761 0.9576 1507.78
CLOSE 

(21:00 GMT)

1.4398 80.82 1.6363 0.8805 0.9574 1616.63