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.

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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