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USDCAD pulled back from 1.0349

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 20, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by the upper boundary of the falling price channel on 4-hour chart, USDCAD pulled back from 1.0349, suggesting that a cycle top is being formed. Further fall towards 1.0215 would more likely be seen later today, a break below this level will indicate that the downtrend from 1.0672 has resumed, then next target would be at 1.0150 area. However, a break above 1.0349 will suggest that the downward move from 1.0672 has completed at 1.0215 already, then the following uptrend could bring price back to 1.0600 zone.

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