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USDCAD drops sharply from 1.1654

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 1, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After breaking above 1.1636 resistance, USDCAD drops sharply from 1.1654 and breaks below the lower border of the rising price channel. Further fall to test 1.1418 key support is possible later today, a break down below this level will indicate that the uptrend from 1.0940 has completed, then next target would be at 1.1300-1.1350 area. Key resistance is now located at 1.1654, only rise above this level will signal resumption of uptrend.

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