Fundamental Dovish news explained.
Today Yellen of the FED spoke and had no good news for the Rate Hike camp. Cause she just got a lot more Dovish. First there were 6 Rate Hikes in 2016.. then 2 were Left and now if we even will get 1 this year! So yes the Dollar felt to a record Low. All pairs traded well today against the USD greenback. And likely will all week. But remember on the end of this week there is also a lot of news to come out. And it is the end of the month! So watch out and trade smart, be clever manage your trades and sizes.
Looking at the USD/CAD pair, I have been short since the market opening this week. You ask why? Well because I saw price decelerate near my dynamic resistance EMA band at the Daily chart. Now 2 full down candles have been written on the tape and I expect further downward pressure and possible even a new Low. Because again, why you would ask? Well a whole lot of technicals as I explain my my free webinars and video’s. And more updates possible soon in paid educational content. If you are interested in that let me know. But yes Fibs are in play.. Fibonacci that is. And S/R levels.. Support and Resistance levels upcoming.
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Good trading. Always manage your risk exposure, by limiting your trading size and leverage, according to your account size.
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Wilco van Boxtel is Chief Currency Trader & Mentor at TradeReact. He has over 17+ years trading experience since 1998. Besides currencies he knows many other markets and assets. Now he is here to educate and inspire you to be successfull in trading too. Subscribe and follow his lead.