The Pattern, Price & Time Report

The USD CAD posted another new high for the year as lower crude oil prices are expected to hurt the Canadian economy.

 In addition to the lower prices in crude oil, gold, copper and lumber are also expected put pressure on the economy.  

The upside momentum is there for this rally to continue.  

With the Fed closer to raising rates than the Bank of Canada, traders are buying USD CAD in anticipation of a widening spread differential.  

PATTERN

Main Trend:  Up  
Main Trend Top:  1.0591 (09-10-07)
Main Trend Bottom:  .9973 (07-15-08)

PRICE

1.0591        Main Trend Top (09-10-07)
1.0798        .618 Retracement

1.0363          New York Close

1.0465        50% Retracement
1.0323        Gann Angle Up
1.0313        Gann Angle Up

TIME

Aug 7            180-Day Cycle
Aug 8           1-Year Anniversary Bottom