USD CAD on Track to Test 1.1156

Upside momentum appears to be putting the USD CAD in a position to change the weekly chart to up.

Upside momentum appears to be putting the USD CAD in a position to change the weekly chart to up. Although a trade through 1.1124 will turn the main trend up, traders still have to be aware of 50% resistance at 1.1156.

Another sign of higher markets is the penetration of a downtrending Gann angle at 1.0822.  Holding above this Gann Angle and regaining 1.1156 could trigger an even further rally to 1.1290 over the near-term.

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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