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USDCAD breaks below 0.9980 support

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

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD breaks below 0.9980 support, suggesting that a cycle top has been formed at 1.0055 on 4-hour chart. Further decline would likely be seen, and next target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.0055 could be treated as consolidation of the uptrend from 0.9632 (Sep 14 low), and one more rise towards 1.0100 is still possible after consolidation. Key support is at 0.9874, only break below this level could signal completion of the uptrend.


    Forex Technical Analysis

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