USD CAD Pierces Minor Retracment Zone

Weaker equity and equity markets are helping to drive the USD CAD higher following the release of a worse than expected U.S. Durable Goods Report.

Daily Analysis

USD CAD

Weaker equity and equity markets are helping to drive the USD CAD higher following the release of a worse than expected U.S. Durable Goods Report. 

Upside momentum has helped this currency pair pierce a key retracement zone at 1.0856 to 1.0920.  This indicates strength and puts the market in a position to rally further. 

A new main bottom has been formed at 1.0589.  The main trend will turn to up on the weekly chart following a break through 1.1124.