USD CAD Confirms Top on Hourly Chart

USD CAD 60-Minute Chart confirms top at 1.2507.  Traders should watch for a retracement of the first leg down to trigger the next trading opportunity.

The USD CAD 60-Minute Chart confirmed the top at 1.2507 with a break through the swing bottom at 1.2338.  This type of pattern is usually followed by a retracement of the first leg down.  Based on the hourly range of 1.2507 to 1.2325, look to sell a retracement back to 1.2416 – 1.2438 for the start of a decline.

Traders will be looking for a rally and a failure in this zone to set up a secondary lower top formation.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More