Forex Pros

– The U.S. dollar climbed to a four-month high against its Canadian counterpart on Friday, as ongoing concerns over the crisis in the euro zone overshadowed strong Canadian economic data.USD/CAD hit 1.0225 on Friday, the pair’s highest since January 16; the pair subsequently consolidated at 1.0218 by close of trade, jumping 2.14% on the week.The pair is likely to find support at 1.0137, Friday’s low and resistance at 1.0251, the high of January 16.Demand for the safety of the greenback remained supported as fears over the possibility of a Greek exit from the euro zone dominated market sentiment, after cross party talks aimed at forming a coalition government failed, forcing another round of elections.Market sentiment found some support on Friday after an opinion poll in Greece indicated that pro-bailout party, New Democracy was leading the polls ahead of the fresh elections, due to be held on June 17. Meanwhile, concerns over the health of Spain’s banking system and the prospect...

– The U.S. dollar retreated from a four-moth high against the Swiss franc on Friday, paring some of the week’s gains as market sentiment stabilized after fears over Greece and Spain abated, dampening demand for the greenback.USD/CHF hit 0.9499 on Friday, the pair’s highest since January 17; the pair subsequently consolidated at 0.9394 by close of trade, up 0.92% on the week.The pair is likely to find support at 0.9306, Monday’s low and resistance at 0.9499, Friday’s high and a four-month high.Market sentiment found support after an opinion poll in Greece indicated that pro-bailout party, New Democracy was leading the polls ahead of elections due to be held on June 17. The greenback had strengthened broadly earlier in the week as fears over the possibility of a Greek exit from the euro zone dominated market sentiment, after cross party talks aimed at forming a coalition government failed, forcing fresh elections.Risk appetite was also buoyed ahead of a weekend meeting of...

– The U.S. dollar slumped to a three-month low against the yen on Friday, as safe haven demand remained supported by concerns over the debt crisis in the euro zone, while disappointing U.S. data also weighed.USD/JPY hit 79.12 on Thursday, the pair’s lowest since February 17; the pair subsequently consolidated at 78.99 by close of trade on Friday, shedding 1.22% on the week.The pair is likely to find support at 78.17, the low of February 15 and resistance at 79.45, Friday’s high.Demand for the yen remained supported as fears over the possibility of a Greek exit from the euro zone dominated market sentiment, after cross party talks aimed at forming a coalition government failed, forcing another round of elections.On Friday, an opinion poll in Greece indicated that pro-bailout party, New Democracy was leading the polls ahead of the fresh elections, due to be held on June 17. Meanwhile, concerns over the health of Spain’s banking system and the prospect of...

– The Canadian dollar reversed earlier losses against its U.S. counterpart on Friday after approaching the pair's lowest levels for 2012, but remained low due to concerns the European debt crisis will rattle the global economy.In U.S. trading on Friday, USD/CAD hit 1.0224, up 0.27%, up from a low of 1.0139 and off a high of 1.0227.The pair sought to test support at 1.0139, the earlier low, and resistance at 1.0284, the high of Jan. 13.Concerns that Greece is headed for the exit door in the eurozone have been growing, namely due to a political backlash against the austerity measures imposed on the country in exchange for bailout money.European officials are working on a contingency plan should Greece exit the eurozone, which managed to boost the euro against the U.S. dollar although the Canadian currency remained lower.Hints of loose monetary policies out of the U.S. also pushed the greenback down.Earlier this week, the U.S. Federal Reserve released the minutes of...

– U.S. stocks were down after the closing bell on Friday. At the close of U.S. trade, the Dow Jones Industrial Average fell 0.59%, the S&P 500 index shed 0.74%, while the Nasdaq 100 index declined 1.22%. Meanwhile, across the Atlantic, European stock markets closed lower. France’s CAC 40 was down 0.13%; Germany’s DAX shed 0.60%; Britain’s FTSE 100 declined 1.33%; and the EURO STOXX 50 fell 0.10%.

– The dollar fell against major world currencies in U.S. trading on Friday after the euro rebounded from a four-month low, while Federal Reserve comments earlier this week that the U.S. central bank will keep the door open to monetary easing also sent the greenback falling.In U.S. trading on Friday, EUR/USD was trading up 0.22% at 1.2726.The euro hit a recent four-month low on fears Greece is growing closer to exiting the eurozone, possibly pressuring Spain and others to follow suit.Greece is headed for parliamentary elections in June, and fears are building that anger over austerity measures slapped on the country in exchange for bailout money will result in strong showing among politicians opposed to harsh rescue-funding terms.European officials are working on a contingency plan should Greece exit the eurozone, which would include minimalizing the fallout."A year and a half ago there maybe was a risk of a domino effect," says European Union trade commissioner Karel De Gucht, according to...

– Gold prices rose in U.S. trading on Friday, still buoyed on recent reports the U.S. Federal Reserve won't rule out stimulating the economy via monetary easing measures should recovery wane. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.83% at USD1,588.05 a troy ounce. Gold traded at a low of USD1,567.85 a troy ounce and hit a high of USD1,597.35 a troy ounce during the session. Gold futures were likely to test support at USD1,542.85 a troy ounce, the low on May 17, and resistance at USD1,639.05, the high from May 8. Earlier this week, the U.S. Federal Reserve released the minutes of its latest monetary policy meeting, in which members suggested they'd favor stimulating the economy should recovery wane from its sluggish albeit sustained course. "Several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast...

– The iconic social network Facebook went public Friday, trading at USD43.00 per share. The share was initially priced at USD38 a share as part of the initial public offering that valued the company around USD104 billion. Stocks were up overall as well. The Dow Jones Industrial Average was trading up 0.02% on Friday, the S&P 500 index was up 0.14% while the Nasdaq Composite index was down 0.01%. Demand for Facebook was heavy, with an estimated 15-25% of the pie seen going to retail investors, according to CNBC data. The price was trading in line with many expectations. "A 15 to 20 percent pop is in the realm of possibility," said Tim Loughran, a finance professor at the University of Notre Dame, according to Reuters. "Given they already moved their IPO range up and increased the size, that's bullish to begin with." Facebook shares could see some selling in about three months, when the lock-up expires. Normally when...

– The British Pound was higher against the Japanese Yen on Friday. GBP/JPY was trading at 125.43, up 0.16% at time of writing. The pair was likely to find support at 124.66, today’s low, and resistance at 128.88, Monday’s high. Meanwhile, the British Pound was up against the U.S. Dollar and down against the Euro, with GBP/USD gaining 0.13% to hit 1.5817 and EUR/GBP rising 0.01% to hit 0.8038.

– The Euro was higher against the Swiss Franc on Friday. EUR/CHF was trading at 1.2010, up 0.001% at time of writing. The pair was likely to find support at 1.2008, Wednesday’s low, and resistance at 1.2014, Tuesday’s high. Meanwhile, the Euro was up against the U.S. Dollar and the Japanese Yen, with EUR/USD gaining 0.14% to hit 1.2715 and EUR/JPY rising 0.25% to hit 100.92.