USD CAD Nearing Resistance at 1.0771

The USD CAD broke out over a key .618 retracement area overnight andnow appears to be headed toward downtrending resistance at 1.0771.

Daily Analysis

USD CAD

The USD CAD broke out over a key .618 retracement area overnight and now appears to be headed toward downtrending resistance at 1.0771. There may be a technical bounce at this level. If upside momentum can overcome this resistance then look for the rally to continue to 1.0881.

The main trend turned up last week when a previous swing top was violated. The new uptrend is getting its support from an uptrending Gann angle at 1.0565. Look for the trend to continue as long as this angle holds.

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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