The Forex Pattern Price Time Report - USD CAD - Evening Session

Published 08/20/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

The USD CAD broke hard as higher crude oil and gold prices made the Canadian Dollar more attractive.  

Since the Canada relies so much on these two commodities, any strength in crude or gold will be good for the economy.  

The charts indicate this market should continue to weaken until at least 1.0351.

There may be a technical bounce at this level, but as long as commodity prices rally, any short-covering rally will be met with more selling pressure.  

PATTERN

Main Trend:  Up  
Main Trend Top:  1.0728 (08-12-08)
Main Trend Bottom:  .9973 (07-15-08)

PRICE

1.0728        Main Trend Top (08-12-08)
1.0688        Gann Angle Down
1.0648        Gann Angle Down
1.0568        Gann Angle Down
1.0465        50% Retracement

1.0441           New York Close

1.0351        50% Retracement
1.0261        .618 Retracement
1.0253        Gann Angle Up  

TIME

Aug 21        90-Day Cycle

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