Forex Trading Daily Webinar with Stocks and Crypto for April 20th 2022

The Canadian dollar is the world's fifth-largest reserve currency and is generally favored by central banks due to Canada's overall stability. The Japanese yen is the third most traded currency in the foreign exchange market and is often used as a reserve currency along with the British pound, the dollar and the euro. The most actively traded currencies on the foreign exchange market are USD, EUR, JPY, GBP, CHF, AUD, CAD and AUD.

As with any other currency pair, it is best to trade the US dollar when the foreign exchange market is active, which means significant volatility and price fluctuations. The EUR/USD pair is the most traded currency pair in the foreign exchange market and its value is determined by the EUR/USD exchange rate. The euro is heavily traded on the foreign exchange market because the euro is highly liquid, has a large economy, and is moderately volatile when paired with any currency.

For the EUR/USD currency pair, the quote shows how many USD (quote currency) can be bought for 1 EUR (base currency). These currency pairs are quoted as XAU/USD, XAG/USD, XAU/EUR, XAG/EUR, etc. Just like any other currency, you will be charged the interest rate for holding these pairs.

As with EUR/USD, the British pound maintains a long-term bullish flag pattern. USD/JPY hit lows last week and a deeper retreat could be on the way. If the morning high holds, the door could remain open for pullback scenarios, especially for those who are counting on a dollar pullback to continue trading early next week.

The push highlights the AUD/USD's potential for dollar strengthening scenarios in the coming week, with the possibility of a deeper reversal of the pair. Even as above for the EUR/USD, the broader reversal scenarios are clearly at odds with the current fundamental flow, however the difference is that the Bank of England is still actively trying to raise rates at some point in the coming months, while The ECB has significantly downplayed these possibilities. April numbers can be watched closely as traders look for clues that the FOMC index will rise by 50-50 bps on May 4. Traders will be keeping an eye on the housing market data this week to see if the increase in mortgage rates affected the overall housing market in March.

The dollar rose to a new yearly high thanks to a very strong non-farm payroll report, but this move could not last long and prices quickly returned to the pre-release resistance zone. On May 4, the price formed a hammer on the daily time frame, with the price opening near 1.2480, falsely breaking below that range to a low of 1.2402, and rebounding to close near the open. If USD/CAD breaks this area, the first resistance will be at 1.2676 April 13 high, followed by the 61.8% Fibonacci retracement of the March 8 high to the April 5 low around 1.2710 bit.

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