USD CAD Chart Pattern Suggests 1.1177 Target

Technical and fundamental factors continue to underpin the USD CAD. 

Intraday Analysis

USD CAD

Technical and fundamental factors continue to underpin the USD CAD. 

Technically this market is being driven higher by last week’s closing price reversal bottom.  The current upside momentum is strong enough to drive this currency pair higher for another 2 to 3 weeks.

The chart pattern suggests a minimum 50% retracement.  The current main range is 1.1724 to 1.0630.  The retracement zone of this range is 1.1177 to 1.1306.  Look for this rally to continue until this zone is reached.

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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