the euro and most other majors by the end of this week as the drowning risk sentiment prompts the investors to look for the safer currency.

The greenback has lost its appeal as the safe currency as the U.S stocks dropped after the Goldman Sachs Group Inc. was sued for the fraud. The concern about Greece and its budget deficit remains while speculations that the country will be forced to activate the rescue package, provided by the European Union and the International Monetary Fund, persists, arousing the uncertainty in the European markets.

The attractiveness of the higher-yielding assets wasn't helped by China's decision to cool its economy either. Previously the yen fell on the outlook that the economic recovery will boost the demand for the higher-yielding assets, but it seems that the investors now prefer the safety more than high profits.

USD/JPY closed this week 92.10 after opening at 93.08 and reaching its highest level of 93.70. EUR/JPY closed at 124.42 after it opened at 126.84. GBP/JPY closed at 141.76.

It was mentioned in a past article that Fibonacci forex trading is the basis of many forex trading systems used around the world by profitable forex traders. These systems are all based on the famous Fibonacci ratios (.236, .50, .382, .618, etc.) and each of them can specialize in a particular ratio along with other minor indicators in order to make the pinpointing of the entry and exit levels as accurate and profitable as possible.

One of the widely used Fibonacci ratios is the 0.382 ratio. As it can be easily seen on any forex chart, currency prices are continually changing and they follow an oscillatory pattern with peaks and valley. The limit of the peak is usually called a resistance level while the valley is usually called a support.

In order to find the 0.382 ratio level what you do is, first; measure the size of the drop or rise over your time of interest. Once you have that value you multiply this by 0.382. Now depending on what you are looking at, a rise or a drop on the price of the particular "currency pair" you are trading, you will add the last value you calculated to the total drop or subtract the value from the total rise.

These operations will give you the 0.382 Fibonacci ratio level, either for a rise or a drop on the chart you are analyzing. Once you have the value you can then start planning the strategy you will follow in order to make a high probability profit from this valuable information. For the 0382 ratio level calculated for a recent rise in the "currency pair" exchange price, your calculated level will be a highly probable support and for the case of a level calculated for a recent drop of the prices your level will be highly probable resistance.

Knowing this ahead of the market and having the proper secondary indicators, will give you a huge advantage over most forex traders, and that's something any trader would like they could count on. That's why Fibonacci trading is so widely accepted over the world, and of course, why it's so profitable and successful.

The Great Britain pound advanced today against the other major currencies and may continue its rise further as the report showed that the number of the jobless benefits claimed is dwindling.

The number of the unemployment claims decreased in March by 10,000 from the previous month, when it fell by 32,300. The pound was bolstered by the government report that the inflation grows with greater than predicted pace. The higher than expected earnings of the Apple Inc. and the Elpida Memory Inc. Boosted the stocks, damping the demand for the safer currencies and adding to the sterling's strength.

EUR/GBP dropped to 0.8704 as of 10:23 GMT today from its opening price of 0.8745.GBP/JPY rose to about 143.83 from its opening level of 143.14.

he Canadian dollar retreated against its U.S counterpart after reaching its highest level since June 2008 today, but remains near the parity level, supported by the speculation that the Bank of Canada will increase the interest rates faster than the Federal Reserve.

The analysts predict that the Bank of Canada will increase the benchmark overnight rate to 1.25 percent by the end of the year, while the U.S Federal Reserve will increase its benchmark rate to 0.75 percent, from the current level of 0-0.25 percent, by that time. Jim Flaherty, the Canada's Minister of Finance, said that the Canadian exporters have become more competitive and can handle a stronger currency. The International Monetary Fund forecast today that the Canada's economy will grow 3.1 percent in the following year.

The experts think that the Loonie will stay near its current level. But some analysts believe that, despite the favorable fundamentals, the bullish trend was exaggerated and the currency's appreciation was too large and too fast.

USD/CAD traded near 0.9993 as of 20:47 GMT today after it opened at 0.9985. EUR/CAD traded at about 1.3383 down from its opening rate of 1.3414.