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USDCAD broke above 0.9885 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 20, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD broke above 0.9885 resistance and reached as high as 0.9946 last Friday, suggesting that lengthier consolidation of the downtrend from 1.0055 is underway. Further rise would likely be seen and the target would be at the upper line of the price channel on 4-hour chart. Support is at 0.9890, only break below this level could indicate that a cycle top has been formed at 0.9946, then further decline to test 0.9815 previous low support could be seen.


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