If you're a stock trader or an avid financial news junkie, then you already have an edge over other beginning currency traders.

You just have to know how certain currencies react to the markets. Here are my top seven insider's tricks for "stock-picking" in the currency market.

1. Over a long period of time, the health of the U.S. economy influences the Canadian dollar. So if you're watching the U.S. markets, you know how the Canadian dollar will perform long-term. The U.S. depends on Canada for oil, lumber etc. So when Canada's major trading partner suffers, so do they.

2. The Canadian dollar (CAD) is highly influenced by oil. That means as oil goes up, it provides support for the CAD.

3. Gold is one of Australia's major exports, therefore the price of gold influences the Australian dollar (AUD). So as gold rises, the AUD rises.

4. The Japanese yen is the market gauge for risk. So when the Dow goes down, the yen generally goes up. When the Dow goes up, the yen generally goes down.

5. Agricultural prices affect the New Zealand dollar (NZD). That means as agriculture prices increase, it provides support for the NZD.

6. Japan likes to have a "cheap" currency. Since they are major exporters, they want their goods to appear very inexpensive.

7. The Eurozone and the U.K. have similar economies. So if you see the Euro or British Pound go upward, the other is likely to go up also. This is why in many years EUR/GBP will range trade. Range trading is where there is no definable trend upward or downward. It's basically sideways.