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USDCAD breaks above price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 17, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD breaks above the falling price channel on 4-hour chart, suggesting that lengthier consolidation of downtrend is underway. Further rally towards 1.0232 key resistance is expected in a couple of days. As long as 1.0232 resistance holds, downtrend is expected to resume, and one more fall towards 0.9930 (Apr 21 low) is still possible. However, a break above 1.0232 will indicate that the fall from 1.0672 has completed at 0.9979 already, then the following upward move could bring price to 1.0600 area.

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