USD CAD Cannot Shake Retracement Zone

Last week’s closing price reversal bottom in the USD CAD remains intactand the possibility of a rally still exists as long as this market canhold the retracement zone at 1.1039 to 1.0980.

Intra-Day Analysis

Last week’s closing price reversal bottom in the USD CAD remains intact and the possibility of a rally still exists as long as this market can hold the retracement zone at 1.1039 to 1.0980.

This zone represents the key retracement zone of the 1.0783 to 1.1290 range. 

A failure to hold this zone as support should trigger a retest of the Main Bottom at 1.0783.  If this market can gain support in this zone then look for the market to challenge the Main Top at 1.1290.  A breakout through this level will turn the Main Trend to up for the first time since April 13.

For Gann Angle support and resistance email me at jhyerczyk@yahoo.com

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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