USD CAD on Path for Near-Term Test of 1.1156

Lower equity and crude oil markets are helping to pressure the Canadian Dollar and boost the USD CAD.

Lower equity and crude oil markets are helping to pressure the Canadian Dollar and boost the USD CAD.

Technically, the main trend on the daily chart turns up on a trade through 1.0991.  The tops at 1.1101 and 1.1124 along with a 50% level at 1.1156 are the next upside targets.

The charts also indicate that a new secondary higher bottom may be forming at 1.0852.

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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