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USDCAD breaks above downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 19, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD breaks above the downward trend line on 4-hour chart, suggesting that the downtrend from 1.0341 had completed at 1.0180 already. Further rise to test 1.0341 previous high resistance would likely be seen, a break above this level will indicate that the longer term uptrend from 0.9815 (Jan 11 low) has resumed, then the following upward movement could bring price to 1.0500 area. Support is at 1.0230, followed by 1.0180, only break below these levels could signal completion of the uptrend from 0.9815.


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