USD CAD Set Up For Rally to 1.0598

The USD CAD is set up for a rally to a key 50% price at 1.0598.  Downtrending Gann angle resistance comes in at 1.0611, making 1.0598 to1.0611 an important price target today.

Daily Analysis

USD CAD

The USD CAD is set up for a rally to a key 50% price at 1.0598.  Down trending Gann angle resistance comes in at 1.0611, making 1.0598 to 1.0611 an important price target today.

Uptrending Gann Angle support moves up to 1.0445 on the daily chart.

The Canadian Dollar has been under pressure since the Bank of Canada expressed its concerns about the value of the currency and its negative effects on the country’s economic recovery.

The main trend turned up on the daily chart earlier in the week and a new secondary higher bottom has been formed at 1.0265.  Long traders should watch for a possible technical bounce following a test of 1.0598 to 1.0611.

Daily Chart

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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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