Weekly Chart Signals USD CAD Bottom

Speculators anticipating a recovery in the U.S. economy and a possibleend to the Fed’s easy money policy helped boost the USD CAD.Technically this pair formed a weekly reversal bottom which should leadto a minimum 2 to 3 week correction.

Weekly Analysis

USD CAD

Speculators anticipating a recovery in the U.S. economy and a possible end to the Fed’s easy money policy helped boost the USD CAD. Technically this pair formed a weekly reversal bottom which should lead to a minimum 2 to 3 week correction.

This week’s low just missed a .618 retracement of the .9055 to 1.3062 range.  This Fibonacci number came in at 1.0586 while the actual low was at 1.0630.

Earlier in the week a reversal bottom was formed on the daily chart.  Today it was formed on the weekly chart.  A follow-through rally is needed to confirm the pattern.

Weekly 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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