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USDCAD is facing channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 5, 2013.

  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, as long as the channel support holds, the pair remains in uptrend from 0.9932, and the fall from 1.0341 could be treated as consolidation of the uptrend, another rise to 1.0400 is still possible after consolidation. On the other side, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 0.9815 (Jan 11 low) is underway, then deeper decline to 1.0150 area could be seen.


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