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USDCAD moves sideways in a narrow range between 0.9905 and 0.9960

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 29, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD moves sideways in a narrow range between 0.9905 and 0.9960. The price action in the range is likely consolidation of the downtrend from 1.0055. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to test 0.9874 support is possible after consolidation. On the upside, a clear break above the channel resistance will suggest that the downtrend from 1.0055 has completed at 0.9905 already, then the following upward movement could bring price to 1.0100 area.

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