The greenback had a lot to be thankful for in today’s holiday New York session. Mainly a break in the onslaught of selling we have seen in recent days. With most Forex traders off for the Thanksgiving Holiday in the United States, currencies had little catalyst for any movement. Rates remained relatively static for the majority off the session, with the exception of a few currency pairs. USDCAD bounced off .9830 support and .9880 resistance several times throughout the session, providing patient traders with opportunities to profit from a short term range trade. CADJPY saw some price action as well. Dropping 60+ pips from opening highs near 110.50, to lows around 109.90. The cross would mount a small rally into late session trading, dealing into the 110.30s area.
Ahead in the upcoming Asia session, no top tier data is expected. However, many traders may still recall the extraordinary moves we saw in last year’s London session following the Thanksgiving holiday. Will we see these explosions replayed this year? If so, the dollar selling may be even more dramatic, given the climate in the Forex market over the past six months.
