USD CAD Rallies Despite Firm Crude Oil

Despite higher crude oil, the USD CAD was able to post a modest gain.  The Main Trend is up.  At this time the trend is not being threatened.

Despite higher crude oil, the USD CAD was able to post a modest gain.  The Main Trend is up.  At this time the trend is not being threatened.

Clearing the minor retracement zone at 1.1298 to 1.1419 has this market in a position to rally to a major retracement zone at 1.1922 to 1.2191.

If this market does start to form a short-term top then look for a short-term correction to 1.2289 to 1.1207 before new buyers step up.

Like the Euro traders are concerned that the rapid rise in the Canadian Dollar may hurt Canadian exports.  Traders fear the Bank of Canada may take action to limit the upside of the Canadian Dollar if prices get to lofty.

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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