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USDCAD formed a sideways consolidation

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 27, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD formed a sideways consolidation in a range between 0.9453 and 0.9575. As long as 0.9453 support holds, lengthier consolidation in the range is expected, and another rise to 0.9650 to reach next cycle top on 4-hour chart is still possible. On the other side, the fall from 0.9575 could possibly be resumption of downtrend from 0.9973, a breakdown below 0.9453 could trigger another fall towards 0.9300-0.9400 area.

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