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USDCAD broke below 1.0215 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 22, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD broke below 1.0215 support and reached 1.0191 only, the subsequent bounce had bring price above 1.0349 key resistance, suggesting that a cycle bottom had been formed on 4-hour chart, and the fall from 1.0672 had completed. Further rally is now in favor and target would be at 1.0600 area. Key support is now at 1.0191, only break below this level could indicate that the downtrend from 1.0672 has resumed, then deeper decline could be seen to 1.0150 zone.

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