USD CAD Chart Pattern Suggests More Downside Action

Enter your introduction text here.This morning the EUR USD survived an attempt to accelerate to the downside and regained the Fibonacci support at 1.2945. This is key to the bottoming process.

Continuing the thought from yesterday the USD CAD hourly chart indicated a top at 1.2507.  This top was confirmed by the trade through 1.2338 on Tuesday.  The retracement of the first break down was needed to confirm the top.

Overnight the market made its retracement and successful test of the top.  This created a secondary lower top which should trigger a 1 to 2 day break to perhaps 1.2244 to 1.2182.

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