USD CAD Remains in Weak Position

The USD CAD continued to weaken throughout the early part of thetrading session. Weakening equity prices are helping to limit losseshowever.

The USD CAD continued to weaken throughout the early part of the trading session.  Last week’s bullish Canadian unemployment report and higher energy prices have helped to drive this currency pair to a new low for the year.  Weakening equity prices are helping to limit losses however.

Technically, the USD CAD trend remains decisively lower and is in no danger of reversing to the upside unless it mounts a huge rally which triggers a close over 1.0317.  A huge sell-off in equity prices late in the session could trigger such a move.

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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