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The Forex Pattern Price Time Report - USD CAD - Morning Session
By: James Hyerczyk - 20-08-2008
1votesOvernight trading shows a slight bias to the upside. This pair is range bound between 1.0543 and 1.0726.
The pivot price inside this range is 1.0635. This price is controlling the short term direction of the market.
The key today will be crude oil Inventories will be released at 9:30 am CDT. A bullish crude report could lead to heavy selling in the USD CAD.
October crude oil could accelerate higher through 117.00 with 130.00 a possibility. December Gold could accelerate back over $50 over the near term.
These two actions could put tremendous downside pressure on the USD CAD.
Technical traders have been anticipating break in the USD CAD since last week’s closing price reversal top. Based on the current chart formation, this pair is vulnerable to a correction back to 1.0465.
PATTERN
Main Trend: Up
Main Trend Top: 1.0728 (08-12-08)
Main Trend Bottom: .9973 (07-15-08)
PRICE
1.0867 Main Trend Top (08-16-07)
1.0798 .618 Retracement
1.0728 Main Trend Top (08-12-08)
1.0668 Gann Angle Down
1.0651 Overnight High
1.0609 New York Close
1.0595 Overnight Low
1.0493 Gann Angle Up
1.0478 Gann Angle Up
1.0465 50% Retracement
TIME
Aug 15 180-Day Cycle
Aug 16 1-Year Anniversary
Aug 20 180-Day Cycle
Aug 21 90-Day Cycle
Attached Images
Next Analysis: Crude Rises on hurricane fears in the US, USD rises after yesterdays data-led correctionContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. 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.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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