USD CAD to Post Daily Reversal Bottom

The USD CAD tried to break down under the June 1 bottom at 1.0783 but failed to attract any major sellers or stops. 

Daily Analysis

USD CAD

The USD CAD tried to break down under the June 1 bottom at 1.0783 but failed to attract any major sellers or stops. 

Based on the prolonged move down in terms of both price and time, this currency pair is ripe for a closing price reversal bottom on the daily chart.  Watch for a higher close, close above 50% of the range and a close above the open to trigger the start of a retracement rally.

The intra-day 5-minute chart is indicating the possible start of a rally based on its higher top, higher bottom formation.  The new higher top is 1.0841, the higher bottoms at 1.0788 and 1.0807. 

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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