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USDCAD broke below 1.0795 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 24, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD broke below 1.0795 support last week. The pair is now in short term downtrend from 1.1124. Deeper decline to 1.0700 is expected later today. Near term resistance is at 1.0860, as long as this level holds, downtrend will continue. Key resistance is located at 1.0950, a break above this level will suggesting that a short term cycle bottom has been formed and the downtrend from 1.1124 has completed, then the following uptrend will take price back to re-test 1.1124 resistance.

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