Peter Bain Forex Trading Commentary for Thursday November 2, 2006

Forexmentor.com Forex Trading Price Action

I hate to admit that I have a love affair going with the Canadian dollar lately, but I do - mainly because I am heavily committed to it. Not that I see the loonie rising. Far from it. I see the USD/CAD pair continuing to rise because of all the bad economic news coming out lately driving the loonie down. And, it ain't going to get any better for the loonie any time soon folks. Fundamentals are like the Queen Mary. They change direction ever so slowly. And, right now, they say the Canadian economy is in for one heck of a rough ride. That can be either good or bad - good if you're short the loonie - which we are with our long USD/CAD positions. Right folks!? Yesterday, we had an up-trend continuation in the works on the 15 minute chart, and it came to fruition today, once MACD neutralized back to the waterline. There was also evidence on the higher level charts that this pair had wind in its sails. That's the value of top-down analysis.

See today's chart at: http://www.forexmentor.com/campaign/nov0206.html

See sample AM Review at: http://www.forexmentor.com/sampler/