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USDCAD rebounded from 0.9712

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 12, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    After touching the trend line from 0.9513 to 0.9655, USDCAD rebounded from 0.9712, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise towards 0.9851 is expected later today, a break above this level will confirm that the uptrend from 0.9444 has resumed, then next target would be at 0.9900 zone. Only break below 0.9712 could indicate that lengthier consolidation of uptrend is underway, then the pair will find support at 0.9650 area.


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