USD CAD Sets Sights on 1.1922

The main trend remained up in the USD CAD as a downward reversal incrude oil prices weakened the Canadian Dollar. Weak Canadian economicnews combined with a drop in U.S. Consumer Confidence also helpedpressure the Canadian Dollar.

Daily Analysis

The main trend remained up in the USD CAD as a downward reversal in crude oil prices weakened the Canadian Dollar. Weak Canadian economic news combined with a drop in U.S. Consumer Confidence also helped pressure the Canadian Dollar.

Technically, this pair is poised to continue to rally with a Main Top at 1.1813 the first upside target followed by a major 50% retracement level at 1.1922. On the downside, trailing retracement support comes in at 1.1289 to 1.1207. A test of these levels would not turn the main trend to down, but would instead set up a buying zone. 

Daily Chart

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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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