FOREX New York Session Video November 6, 2007

The USD/CAD had already covered its recent average daily range in a move from the central pivot point to S3 during the Asian and European sessions. New York traders arrived to find the Loonie in a range defined by the M1 and S2 pivot points. Fortunately, the combination of a better than expected Ivey PMI number for October and rising oil futures brought out the Canadian dollar bulls. The S2 to S3 move produced a 30 pip profit for short-term traders, and the possibility of a swing trade for those with a medium-term mindset.