FOREX TRADERS

[ultimatepick]

Damn Chinese spoiled a perfect Mother's day yesterday!
It is amazing how everything is related to something. How can you get your hands on the information below (yuan appreciating) before the carnage??!!

USD/CAD surged overnight on short-covering, reaching 1.1176
in London. Risk-aversion was today"s global theme as commodity prices unwound recent steep gains. One catalyst for the fall in commodities was China allowing the Yuan to firm to above 8.00 against the USD for the first time. Markets feared that combined with interest rate hikes, a firmer Yuan will cool the roaring Chinese economy, and with it the near-insatiable demand for raw materials. Gold fell nearly $30 today and oil slide $2.70, back below $70. USD/CAD spent the US session backing and filling above 1.1115. A rebound in Canadian manufacturing shipments (+1.6%) in March helped cool speculation that the BOC will be forced to the sidelines near-term by CAD strength. USD/CAD dipped as low as 1.1115 after the data, tripping stops below 1.1125 support but the move lacked follow-through. Solid bids are seen on dips
to 1.1080/90 near-term while 1.1280, the 38.2% retracement of the decline from 1.1770 is a viable target this week. The USD withstood US TIC data which was a bit below expectations today, and the weakest NAHB survey in 11-years.
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