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USDCAD is testing the support of the lower border of the rising price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 30, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD is testing the support of the lower border of the rising price channel on 4-hour chart, a clear break below the channel support will suggest that the rise from1.0206 has completed at 1.0820 level already, then the following downtrend could take price back below 1.0206 previous low. However, as long as the channel support holds, we would expect uptrend to continue and another rise towards 1.0900 is still possible.

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