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USDCAD breaks above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 19, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD breaks above the upper line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.0055 is underway. Range trading between 0.9824 and 0.9920 would likely be seen in a couple of days. Resistance is at 0.9920, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9700 is still possible, and a breakdown below 0.9850 could signal resumption of the downtrend.

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  2. Jhon Kumar

    Jhon Kumar New Member

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    thanks for providing it to us.
     
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