After confirming the weekly closing price reversal top at 1.0446, the USD CAD is now on track to complete a 50% retracement of the rally from .9799 to 1.0446. This price level is 1.0122. Additionally, an uptrending Gann angle from the .9799 bottom moves up to 1.0119. This creates a potential support cluster at 1.0122 to 1.0119 this week.
Weekly USD CAD Pattern, Price & Time Analysis
This chart pattern seems to be indicating a shift in investor sentiment to a “risk on” scenario. It could also be signaling that the U.S. Federal Reserve will take action that will weaken the U.S. Dollar or Europe will stabilize over the near-term.
For more information, please visit: http://patternpricetime.com.
