CommoditiesForexMarket Review

Bank holiday in the US and Canada

Traders consider how you manage your risk this Monday as we have almost nothing significant on the economic calendar and we have two major countries with bank holidays today (Labor day). Now look, when it comes to bank holidays especially in the US, sometimes we can see the value of the dollar attacked. What we mean by this is that over the day the dollar could start slowly dropping off to lower prices.

On the other hand, Since both the US and Canada are on bank holiday, we could see a slow and consolidated market. What we will be watching for is a willingness to break above Friday’s highs in GBPUSD and EURUSD today. This will mean we have shifted to a bullish territory and will be looking for higher prices all week. If we go below the lows on Friday in those two pairs we will start looking for lower prices for the week, but right now we see a weaker dollar today, but expect one more push lower in GBPUSD and EURUSD in the next two hours before they climb higher.

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