USD CAD Poised to Take Out Support at 1.1981

The USD CAD is trading weaker this afternoon.  The charts indicate a possible acceleration to the downside following a break through the swing bottom at 1.1981.

Results from the FOMC meeting are helping to drive the USD CAD lower.  Currently the market is in a position to take out the last swing bottom at 1.1981.  This trade is likely to accelerate the break to the downside and set up a potential test of the next swing bottom at 1.1759.

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