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USDCAD rebounded strongly from 1.0471

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 30, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD rebounded strongly from 1.0471, suggesting that a cycle bottom is being formed on 4-hour chart. Another rise to test 1.0676 (Jul 6 high) key resistance is possible in a couple of days, a break of this level will confirm the cycle bottom, then further rise to 1.0750 could be seen. Key support is now at 1.0471, below this level will indicate that the uptrend from 1.0107 has completed at 1.06666 already, then the following downward movement could bring price back to 1.0200 zone.

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