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USDCAD has formed a cycle top at 1.0232

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 10, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD has formed a cycle top at 1.0232 level on 4-hour chart. Range trading between 1.0062 and 1.0232 would more likely be seen in a couple of days. Support is at 1.0062, a breakdown below this level will indicate that the downtrend from 1.0672 has resumed, then next target would be at 1.000 area. Key resistance is at 1.0232, a break above this level will suggest that the fall from 1.0672 has completed at 1.0062 already, then the following upward movement could bring price to 1.0600 zone.

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