The USD CAD posted another new high for the year last week.
Major support is 1.0465. Now that an old top at 1.0591 has been taken out, look for this market to continue to 1.0798.
The market has been walking up a Gann Angle at 1.0733. Regaining this angle will put the market in a strong position.
The first sign of weakness will be a break under the 50% level at 1.0465.
This pair is 18 days off the low, watch for an intraday reversal to signal a top.
Fundamentally, it is going to have to take a strong commodity market to break this market.
PATTERN
Main Trend: Up
Main Trend Top: 1.0678 (08-29-07)
Main Trend Bottom: .9973 (07-15-08)
PRICE
1.1109 Gann Angle Down
1.0798 .618 Retracement
1.0733 Gann Angle Up
1.0678 Main Trend Top (09-10-07)
1.0664 New York Close
1.0628 Weekly Gann Angle Up
1.0465 50% Retracement
1.0353 Gann Angle Up
1.0308 Gann Angle Up
TIME
Aug 15 180-Day Cycle
Aug 20 180-Day Cycle
Aug 21 90-Day Cycle