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USD/CAD Posts Strong Close; Could Test Tops at 1.0323 - 1.0326

By:   James Hyerczyk
  • 01-07-2008
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Analysis

The USD/CAD recently survived a 50% correction of the .9818 to 1.0323 main range to 1.0047.

New buying came in at 1.0047, forming new higher main bottom.  This action also regained an uptrending angle at 1.0167 today.

The strong close on Tuesday puts the market above a minor 50% price at 1.1085, but under the .618 retracement point at 1.0218.

The first upside target is a downtrending resistance angle at 1.0243.  A breakout over this angle set up a further rally to a pair of tops at 1.0323 (06-10-08) and 1.0326 (04-01-08).

On the downside, 1.0118 to 1.0107 is likely to attract new buyers.  The main trend remains up as long as 1.0047 holds.

Pattern

Main Trend:  Up
Main Trend Top:  1.0323 (06-10-08)
Main Trend Bottom:  1.0047 (06-27-08)

Price

1.3026      Main Trend Top (04-01-08)
1.3023      Main Trend Top (06-10-08)
1.0243      Gann Angle Down
1.0218      .618 Retracement

1.0212     New York Close

1.0185      50% Retracement
1.0167      Gann Angle Up
1.0118      Gann Angle Up
1.0107      Gann Angle Up
1.0071      50% Retracement
1.0047      Main Trend Bottom (06-27-08)

Time

07-04        90-Day Cycle
07-14        90-Day Cycle


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Content 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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