USD CAD Nears Major Retracement Level

Higher crude oil and firmer equity markets helped buoy the CanadianDollar on Thursday. The weakness in the USD CAD puts this pair in aposition to test a major 50% price.

Higher crude oil and firmer equity markets helped buoy the Canadian Dollar on Thursday. The weakness in the USD CAD puts this pair in a position to test a major 50% price.

Based on the main range of .9055 to 1.3062, traders should look for the market to test 1.1059. There may be a technical bounce at this level or if momentum is strong enough, a continuation of the current break to the next retracement price at 1.0586. Needless to say, the USD CAD is at a critical juncture.

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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

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