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USDCAD broke above 1.0340 key resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 19, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD broke above 1.0340 key resistance, suggesting that a cycle bottom had been formed at 1.0247 level on 4-hour chart. Now the rise from 1.0247 is treated as resumption of uptrend from 1.0107, further rise could be seen in next several days and target would be at 1.0600 zone. Support is at 1.0340 and key support is at 1.0247, only break below these levels could trigger another fall to 1.0000 area.

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