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USDCAD breaks above 1.0525 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 21, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD breaks above 1.0525 resistance, suggesting that the uptrend from 1.0182 (Sep 19 low) has resumed. Support is now at 1.0470, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0600 area. On the downside, a breakdown below 1.0470 support will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to test 1.0397 key support could be seen to follow.

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