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USDCAD pulled back from 1.0749

Discussion in 'Technical Analysis' started by ForexCycle.com, May 23, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After breaking above 1.0735 previous high, USDCAD pulled back from 1.0749, suggesting that a cycle top is being formed on 4-hour chart. Sideways movement would more likely be seen in a couple of days. Support is at the rising trend line from 1.0110 to 1.0246. As long as the trend line support holds, the price action from 1.0749 is treated as consolidation of uptrend from 1.0110, and one more rise towards 1.0850 resistance is still possible, however, a clear break below the trend line support will indicate that the rise from 1.0110 has completed at 1.0749 already, then another fall towards 0.9930 (Apr 21 low) could be seen.

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