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Forex options markets continue to price in substantial currency volatility, but extreme market choppiness makes it very difficult to establish firm strategy biases for the week ahead.

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Ways to protect yourself when trading currencies.

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The US Dollar bounced higher as European equity index futures declined ahead of the opening bell on the region’s top stock exchanges, seemingly returning to trade inversely with risky assets after decoupling from that relationship after last Friday’s US NFP report.

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What is the foreign-exchange market? The foreign-exchange (FX) market is an international currency-exchange market where banks, corporate investors and speculators trade one country’s currency for another country’s currency.

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Written by Joel Kruger, Technical Currency Strategist for DailyFX.com If you wish to receive Joel’s reports in a more timely fashion, e-mail jskruger@fxcm.com and you will be added to the “distribution” list.

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Crude oil prices are testing below trend-defining support, with a break opening the door for sharp bearish acceleration. Meanwhile, gold positioning suggests a near-term rebound may be ahead. Risk trends and US Dollar sentiment are key near-term catalysts.

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European investor confidence rose to an 18-month high of -5.5 in December, following a reading of -7 the month prior. The Sentix research institute stated that “the phase of economic stabilization is continuing slowly but steadily” following the sentiment reading.

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The market is still in the process of digesting the much stronger than expected US employment data from Friday, with the buck finding some fresh bids as Fed interest rate expectations are ramped up.

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We entered long USDCAD at 1.0558 as prices put in a formidable Bullish Engulfing pattern on a re-test of broken resistance at the top of a falling channel that had guided prices lower since the swing high in March.

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Last week’s decision to stay flat USDJPY despite what looked like a trend-defining bearish breakout proved to be a wise one: the pair surged higher to break above what now appears to have been a bullish Falling Wedge formation.

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