Canadian Dollar Futures Testing Retracement Level

Following a sharp break on Thursday, the September Canadian Dollar is currently testing an uptrending Gann angle from the .9554 bottom at .9694. In addition to this angle, the market is checking the strength of a 50% price level at .9689. The combination of these two prices has formed a potential support cluster.

Daily September Canadian Dollar Gann Analysis

Daily September Canadian Dollar Gann Analysis

Traders should watch for a possible technical bounce from this level. A failure to hold this level could mean further weakness to .9624. On the upside, downtrending Gann angle resistance is at .9778.

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