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USDCAD is testing 1.0933 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 10, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD is testing 1.0933 resistance, a break above this level will indicate that the downtrend from 1.1723 has completed at 1.0632 level already. As long as 1.0933 resistance holds, the rise from 1.0632 is treated as consolidation of downtrend and deeper decline to 1.0500 is still possible after consolidation. Key support is now located at 1.0795, below this level will suggest that a short term cycle top has been formed and downtrend has resumed.

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