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USDCAD is facing channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 20, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD is facing the support of the lower line of the price channel on 4-hour chart, a clear break below the channel support will suggest that the trend from 0.9632 (Sep 14 low) has completed at 1.0055 already, then deeper decline to test 0.9874 key support could be seen. On the upside, as long as the channel support holds, the fall from 1.0055 could be treated as consolidation of the uptrend, and another rise towards 1.0100 is still possible after consolidation.


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