USD/CAD GANN ANALYSIS

Updated : Feb 27, 2017, 11:39 UTC2min read
USD/CAD Analysis
Canadian Dollar remains flat and net longs continue to rise. USD/CAD is, just about, sustaining the break above trend resistance (Dec/Jan bull wedge consolidation) but the move up in the USD this week has not reflected a whole lot of conviction. Early weakness in the USD today has reversed partially, leaving
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Canadian Dollar remains flat and net longs continue to rise. USD/CAD is, just about, sustaining the break above trend resistance (Dec/Jan bull wedge consolidation) but the move up in the USD this week has not reflected a whole lot of conviction.

Early weakness in the USD today has reversed partially, leaving funds little changed on the day and little changed on the week. Intraday patterns are constructive, one is the basis of the long, lower shadow which formed around the 6- hour candle earlier in the day as the USD dipped back briefly to the 1.3060 area.

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The consequence of the break above trend resistance at 1.3074 should be bullish for the USD but weak trend momentum indicators on the short, medium and long-term charts suggest more range trading between 1.30/1.32 may be in store for the USD for now. Intraday gains above 1.3120 would be positive for the USD and suggest near-term gains towards the upper end of the range.

USD/CAD Daily Chart
USD/CAD Daily Chart
USD/CAD Daily Chart

Further GANN Square of 144 study reveled that price is oscillating around 180 Degree Equilibrium Point and price even on correction failed to break buy zone.

USD/CAD Daily Chart

Same is confluence by GANN Square of 9 Natural Gann Levels. Price rejected from 270 a strong  reversal level had 90 degree rejection. Than 50% correction i.e. 135 Degrees. Now if break up 180 Degree 1.32297 .

Resistance (Gann Levels)

225 (1.34121)    270 (1.35959)  315 (1.37809)  360 (1.39671)

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