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USDCAD formed a minor consolidation

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 25, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.0676 (Jul 6 high) resistance, USDCAD formed a minor consolidation in a range between 1.0556 and 1.0666. Key support is at 1.0556, as long as this level holds, uptrend could be expected to continue and further rise to 1.0750 is still possible after consolidation. However, a breakdown below 1.0556 will indicate that a cycle top has been from at 1.0666 level on 4-hour chart, then pullback towards 1.0400 could be seen.


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