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Lately, there has been a lot of trouble with the USD/CAD pair which has been going through a lot of trouble lately. There were many trading institutions trading this pair which caused a large number of traders to contact their forex broker and place trades on many different charts. The trading volume in this pair has been increasing lately, and it has brought a lot of traders to the table looking for some opportunities. Significant changes and developments have created some profit potential for those who use technical indicators in conjunction with the fundamental events that occur. Day traders in particular have benefited from the sometimes steady turnarounds found here, and they have done well.
The Canadian dollar will certainly have a lot of riding on oil supplies in conjunction with the new US moves in natural gas. It is possible that oil supplies will dry up in the Middle East, coupled with this shift in energy policy could make a big difference. Oil can become dangerously pegged to the Canadian dollar on forex charts over time. Looking at the current value of oil in relation to the Canadian dollar in the same way that most people view the US dollar in relation to gold, it would be a very good idea in the future. While technical indicators are still very useful, this new relationship between the Canadian dollar and oil will only grow, and this is definitely something to look for.
Of course there is a balance that must always be struck before making a hasty decision. Moving forward in a way that ensures continued profitability for this pair also means tracking the current cost of Crude Oil. As the cost of oil increases, the Canadian dollar is also rising, and as technology improves in terms of shale oil harvesting methods, this increase will be larger and more aggressive. There are so many possibilities that it may be difficult for a trader to consider them all, but failure to do so can result in huge losses. The USD/CAD may not be much to look at at the moment but in a few more months there could be a lot going on, so keep this in mind when deciding to trade ahead. The EUR/USD will never be the same in terms of opportunities, but it could turn out to be a completely different kind of profitable animal altogether.
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