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What do you think will happen to the Great British Pound? Weaker or Stronger?Check out this interview with GFT’s director of currency research Boris Schlossberg on Bloomberg television. See what’s cooking in the markets as the European Central Bank makes its decision, which could tell the future direction of the Euro. Will it be stronger or weaker in the next few months. Find out in this news story now. Click here to watch.

Loonie down in currency trading

Canadian unemployment data came in, showing numbers worse than expected. As a result, the loonie fell in currency trading, losing 30 pips almost immediately to the U.S. dollar. The U.S. awaits its own employment data, and that could give further direction to USD/CAD, signaling either continued gains for the greenback, or a recovery for the loonie in currency trading.

The Canadian dollar is making an attempt at recovery right now in forex trading, trying to pare its losses and head higher. Signs of global economic recovery are postive for the loonie in currency trading, since the Canadian economy relies heavily on global trade. 

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• Loonie in Currency Trading
  World currencies and forex trading

The greenback fell sharply against the Canadian dollar to as low as 1.0784 (exactly the indicated equality Fibonacci projection of 1.2507-1.1476 measured from 1.1815) and then rebounded strongly to 1.1167 today, suggesting the decline from 1.3066 (9 Mar 2009) has formed a temporary low there and consolidation with upside bias…

Aussie rallied to as high as 0.8265 this week, just below indicated 0.8292 level (1.618 times Fibonacci projection of 0.6007-0.7270 measured from 0.6248), and then retreated strongly to 0.7885 (briefly breached previous resistance at 0.7893), suggesting wave 3 rally from 0.6248 (2 Feb 2009) has formed a temporary top there…

We just missed the long entry at 1.4130 in yesterday’s New York session and euro rose to our indicated upside target of 1.4240, however, the single currency tumbled from 1.4269 on dollar’s broad-based selloff due to the release of much stronger-than-expected U.S. non-farm payrolls data. Once indicated support at 1.4066/70…