USD CAD Backs Off After New Move High

Overnight, the USD CAD had a higher-high than the previous session and is now trading lower as traders await the release of the U.S. Gross Domestic Product Report.

Overnight, the USD CAD had a higher-high than the previous session and is now trading lower as traders await the release of the U.S. Gross Domestic Product Report.

With this market currently developing a closing price reversal top, we could see early weakness into an uptrending Gann angle at 1.0605.  Although this is highly unlikely to occur today, this angle has to be watched over the short-run.

If a closing price reversal top is formed then look for a 50% retracement of the current main range of 1.0205 to 1.0820.  This would make 1.0513 to 1.0440 a potential downside target.  Everything depends on how much if at all the U.S. GDP exceeds the guess of 3.2% growth.