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.