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USDCAD rebounded from 0.9701

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 23, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being supported by the uptrend line from 0.9444 to 0.9669, USDCAD rebounded from 0.9701. Range trading between 0.9669 and 0.9898 would likely be seen in a couple of days. As long as 0.9669 key support holds, the price action in the range is treated as consolidation of uptrend from 0.9444, and one more rise towards 1.0000 is still possible after consolidation. However, a breakdown below 0.9669 will indicate that the uptrend from 0.9444 had completed at 0.9898 already, then the following downward move could bring price to 0.9500-0.9550 area.

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