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USDCAD bounced strongly from 1.0561

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 12, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD bounced strongly from 1.0561, suggesting that the fall from 1.0707 had completed. Further rise to test 1.0707 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 1.0182 (Sep 19 low), then next target would be at 1.0850 area. Key support is now at 1.0561, only break below this level will indicate that the uptrend from 1.0182 had completed at 1.0707 already, then the following downward movement could bring price back to 1.0300 zone.

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