FOREX New York Session Video August 14, 2007

A combination of Canadian dollar weakness and U.S. dollar strength, due in part to trade balance news, propelled the USD/CAD above the M4 pivot point and a psychological level. Those who took one of the early entry opportunities and moved their stop under M4, risked getting stopped out during the retracement with very little to show for their efforts after a 30-pip gain in the first half-hour. In this case, the risk paid off on this news trade to the tune of nearly 50 pips. Even traders who waited patiently for the entry on the re-test of M4 netted 30 pips before the London close.