USD CAD Plunges Through Major 50% Level

The USD CAD is weakening further this morning as it plunges through a major 50% level.

The USD CAD is weakening further this morning as it plunges through a major 50% level at 1.1059.  This price represents 50% of the entire range of the November 2007 bottom at .9055 to the March 2009 top at 1.3062.

Now that this pair has entered the retracement zone, 1.1059 is new resistance with the next downside target at 1.0586.  Additional resistance is on a steep weekly downtrending angle at 1.1302.

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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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