Forex is abbreviation of “foreign exchange”. The Forex trading market is the only market where currencies of nations are bought and sold round the clock. The Forex market was dominated by large institutions like banks and brokerage firms for several years. But from last few years, Forex market had experienced a major change because of growing numbers of private investors and traders.
Here are some interesting facts about Forex trading:
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According to Howard Abell, the Forex trading system is the system which gives the trader ability to control his or her emotional states instead of allowing him to control them. A Forex trading system is a disciplined method for organizing dynamic, ever-changing market phenomena.
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Most liquid market in the world is Forex market, thus making is easy to trade most currencies.
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There are no commissions on the Forex deals which you make, unlike equities or future traders.
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Today the Canadian dollar was near 2 months high as its chief export, the crude oil, rallied as demand for energy increases. This has favored currencies having a similar profile in foreign-exchange markets as the Australian dollar, which is a main commodity supplier for China.
Higher Crude Oil trading supports Loonie
The Canadian dollar which is also referred to as loonie, had the fourth day of advances in this week as the crude oil returned to trade high in commodity markets having future contracts closed near $ 83 a barrel.
This has given support to the Canadian dollar to rally specially against its U.S. counterpart as during most of today’s session in North America frustrating employment data reduced the attractiveness for the greenback.
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