Forex Daily Forecast, Analysis and Prediction

It has to be said that the Canadian dollar is starting to pick up some steam, and this is more than likely being driven by the oil markets.

Check out the forecast for the week on some of the major Forex pairs here.

The EUR/USD pair had a negative session on Friday, bouncing down from the downtrend line that we've seen form the larger descending triangle over the last several months.

Trade Recommendation for long-term profit. See details here.

Long EUR/USD between 1.3345 and 1.3327 if the price reaches this level before 4pm GMT today.

Gold gained some ground against the greenback on better-than-expected Chinese trade data and growing perception that Fed might continue its stimulus program if growth doesn't meet its targets.

Trade Recommendation for long-term profit. See details here.

Short USD/JPY between 97.10 and 97.53 if the price reaches this level before Midnight GMT tonight.

The XAU/USD pair (Gold vs. the American dollar) settled slightly higher yesterday, marking the first rise in eight trading sessions, as caution set in ahead of Chinese trade data and Bank of Japan's monetary policy announcement.

The WTI Crude Oil markets fell during the session on Wednesday, rallying below the $105 level.

The Australian dollar has been one of the weakest G 10 currencies in the world for several months now.

The USD/JPY pair fell hard during the session on Wednesday, as the back and forth nonsense involving The Federal Reserve continues.

If we managed to break down below the 1.32 handle, I think that this market could really start to break apart and head back down towards the 1.28 handle over the longer term.

Short EUR/JPY between 130.14 and 130.73 if the price reaches this level before Midnight GMT tonight.

The GBP/CHF continues to remain bearish overall, in the grip of a 3+ month descending channel.