USD/CAD Analysis & Forecast, August 9th 2013 (English Language)

Hello Traders,

In the morning I have prepared this chart but have not have the time to share it.

After moving higher into the all the way half way back at 1.0420 area price reversed and it offered the hint for the two scenarios in the below picture:

USD/CAD currency futures daily chart, August 9th 2013

USD/CAD currency futures daily chart, August 9th 2013

Being the market in a weekly short and due to renewed weakness in the Dollar in the last 4 days I was anticipating scenario 1 to play out (continuation lower).

Indeed today we had the continuation and by piercing the 1.0318 level price confirmed the next target (according to my model of Program Trading) at 1.0160.

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