1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

USDCAD broke below the rising price channel on 4-hour chart

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 28, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    USDCAD broke below the rising price channel on 4-hour chart and formed a short term cycle top at 1.0691 level. Now the price action from 1.0691 is treated as consolidation of uptrend. As long as 1.0691 resistance holds, sideways movement is expected to continue, however, a clear break above 1.0691 level will suggest that a cycle bottom has been formed at 1.0556 level and the uptrend from 1.0224 has resumed, then next target would be at 1.0800 area.

    [​IMG]

    Written by ForexCycle.com
     
Loading...

Share This Page