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USDCAD pulled back from 1.1101 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 3, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.1124 previous high resistance, USDCAD pulled back from 1.1101 level. Sideways consolidation below 1.1124 would more likely be seen before breaking above this level. Near term support is located at 1.0966 followed by the rising trend line on 4-hour chart now at 1.0900, as long as the trend line support holds, we’d expect uptrend to resume and a break above 1.1124 resistance will signal further rally towards 1.1400 zone.

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