USD CAD Completes Classic Retracement

There are signs this morning that the USD CAD has completed a classic retracement. Indications are for this market to trade through 1.1290 to turn the Main Trend to up.

There are signs this morning that the USD CAD has completed a classicretracement. Indications are for this market to trade through 1.1290 toturn the Main Trend to up.

Following last week’s closing price reversal bottom, the USD CAD completed a retracement of the first leg up.  Based on the strong rally this morning, the market is in a position to take out the last swing top at 1.1290 to turn the Main Trend to up.

Based on the developing formation and depending on upside momentum, I see no reason why this market cannot retrace to 1.1922 over the near-term.

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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