1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

USDCAD moved sideways in a range between 0.9930 and 1.0215

Discussion in 'Technical Analysis' started by ForexCycle.com, May 3, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    USDCAD moved sideways in a range between 0.9930 and 1.0215. The price action in the range is treated as consolidation of longer term downtrend from 1.0779 (Feb 5 high). As long as 1.0302 key resistance holds, we’d expect downtrend to resume, and another fall to 0.9800 is possible after consolidation. However, a break of 1.0302 will indicate that the fall from 1.0779 has completed at 0.9930 already, then the following uptrend could take price to 1.0500 area.

    [​IMG]

    Daily Forex Forecast
     
Loading...

Share This Page