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USDCAD formed a sideways consolidation

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 27, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD formed a sideways consolidation in a range between 1.0191 and 1.0378. Bounce towards 1.0378 key resistance would more likely be seen, a break above this level will confirm that the downtrend from 1.0672 has completed at 1.0191 already, then the following upward move could bring price back to 1.0600 area. Key support is at 1.0191, only break below this level could indicate that the downtrend from 1.0672 has resumed, then further decline could be seen to 1.0150 area.

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