03/04-12   -   Press releases

Firm start as euro heads higher

It´s been a firm, if unspectacular start to the day´s trading this morning, with the euro leading a general trend higher for dollar pairs. This comes despite reports in Der Spiegel that the recent EU fiscal pact may breach the German constitution. The EUR/USD is up 0.21% with the EUR/JPY up by 0.11%.

By contrast, the Australian dollar is struggling, following a decision by the Reserve Bank of Australia to keep rates on hold at 4.25%. Australia retail sales came in as expected. The AUD/JPY is down 0.14% with the AUD/ USD down by 0.08%.

The Canadian dollar is faring better though, with the USD/ CAD down 0.14% (Canadian dollar up). Gold is also just about keeping its up trend intact, rising 0.07% this morning.

Coming up today we have UK Construction PMI at 09.30 with a slight drop to 53.6 expected.
The main announcement of note today is the release of minutes from the last FOMC meeting, with traders looking for any clues for evidence of further monetary easing from the Fed.

The USD/CAD has historically been a good pair for trading pullbacks. With the US and Canadian economies so closely tied, any large move in one direction tends to be corrected in the short term more often than not.

The pair is currently sitting on a support level with some room for upside over the next couple of days. While nothing is guaranteed, the odds favour a higher move here. A good way to play this on BetOnMarkets.com might be a HIGHER trade predicting that the USD/CAD will close above 0.9915 in 1 days time for a potential return of 176%. The big risk is that the FOMC statement sparks a move lower, but the odds are enough to make this a potentially attractive bet.

Get this trade right now: http://goo.gl/ZFTRX