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USDCAD is facing channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, May 16, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD is facing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will indicate that the downtrend from 1.0341 (Mar 1 high) had completed at 1.0013 already, then the following upward movement could bring price to 1.0500 area. On the downside, as long as the channel resistance holds, the price action from 1.0083 is treated as consolidation of the downtrend from 1.0341, another fall towards 0.9500 could be expected after consolidation. Support is at 1.0145, a breakdown below this level could signal completion of the short term uptrend from 1.0013.

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