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USDCAD breaks below channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 10, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the uptrend from 0.9932 is underway. Range trading between 1.0216 and 1.0341 could be expected to continue in a couple of days. Resistance is at 1.0341, a break above this level will indicate that the uptrend has resumed, then further rise to 1.0400 area could be seen. On the downside, a breakdown below 1.0216 support will indicate that the uptrend from 0.9932 had completed at 1.0341 already, then deeper decline to 1.0150 area is possible.


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