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USDCAD breaks below 1.0345 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 9, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD breaks below 1.0345 support, suggesting that the uptrend from 1.0245 has completed at 1.0445. Further decline to test 1.0245 support could be seen, a breakdown below this level will signal resumption of the downtrend from 1.0608, then the following downward movement could bring price to 1.0150 area. On the upside, as long as 1.0245 support holds, the fall from 1.0445 would possibly be correction of the uptrend from 1.0245, one more rise to 1.0500 area to complete to upward movement is still possible.


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