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The European Central Bank and Bank of England met Thursday morning, holding interest rates. But the dollar still slid versus both of these currencies. This could set-up a good trading opportunity in the coming days.

The USD/CAD is stuck in a tight trading range, but not for long. With crude oil prices cruising higher, something's about to give in the Loonie. There are a couple of different ways to trade this set-up in the forex market.

The Canadian dollar is holding up well with help from crude oil and natural gas. Keep close watch of the USD/CAD if either crude oil or natural gas prices come down.

The dollar finished the week a lot stronger after the Fed signaled a shift in its interest rate policy and the non farm payrolls number came in better than expected. This could set-up a trade in the GBP/USD in the coming weeks.

The U.S. Dollar Index, which is a basket of foreign currencies weighted against the greenback, broke out Thursday. This means pairs like the EUR/USD and GBP/USD could continue to drop.

The AUD/USD, or Aussie, is holding up pretty well. But the forex market is in a transitional phase and better opportunities await.

The Kiwi, or NZD/USD, is pulling back as commodity prices cool along with the New Zealand economy. Further downside is likely in the pair.

The USD/JPY is coming back as the yen suffers from a return to the carry trade. As long the global stock markets continue higher, the yen should weaken as forex traders return to risk taking via the carry trade.

The GBP/USD is one of the weaker pairs in the market as the pound is weighed down by the risk of a weakening housing market in the United Kingdom.

The EUR/USD is starting to break down as the Federal Reserve looks to pause its recent rate cuts and the European Central Bank plays catch up.

The Swiss franc is the go-to currency when the economy turns south or during times of uncertainty. With the credit crisis cooling, the franc is starting to see some weakness.

The Canadian dollar is heavily influenced by the price of crude oil. Watch for a break in the CAD in the coming weeks, either higher or lower depending on the direction of crude.

A big rally in the U.S. dollar on Thursday, April 24, might be the beginnings of a much longer-term transition in trends. One of the most important changes is in the EUR/USD

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