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USDCAD moves sideways in a range between 0.9979 and 1.0093

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 10, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD moves sideways in a range between 0.9979 and 1.0093. Now the price action in the trading range is more likely consolidation of downtrend from 1.0372. Another fall to test 0.9979 support is expected later today, a breakdown below this level could trigger another fall towards 0.9500 area. Resistance is at 1.0093, only break above this level would suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0150 zone.

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