USD CAD Breaks Pair of Gann Angles

Chart pattern suggests weaker USD CAD. Gold could be fueling the Canadian Dollar rally.

The strong surge in gold prices today could be fueling the rally in the Canadian Dollar. 

Just recently the USD CAD broke through uptrending Gann angle support at 1.0725 and downtrending Gann Angle resistance at 1.0731. This is leading to the start of a potential acceleration to the down side.

If downside momentum continues then look for a break to a major 50% level at 1.0522 over the short-run.

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