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USDCAD rebounded strongly from 0.9655

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 1, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 0.9639 support, USDCAD rebounded strongly from 0.9655, suggesting that a cycle bottom has been formed on 4-hour chart. Now the rise from 0.9655 would possibly be resumption of uptrend from 0.9444. Further rise towards 0.9816 could be seen later today, a break above this level could signal resumption of uptrend, then next target would be at 0.9900 area. Key support is now at 0.9655, only break below this level could indicate that the upward move from 0.9444 is complete.

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