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USDCAD failed to break above 1.0341 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 7, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD failed to break above 1.0341 resistance and stays in a trading range between 1.0216 and 1.0341. Key support is at 1.0216, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.9932, and another rise to 1.0400 is still possible after consolidation. On the downside, a breakdown below 1.0216 will indicate that lengthier consolidation of the longer term uptrend from 0.9815 (Jan 11 low) is underway, then the pair will find support around 1.0150.

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