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USDCAD rebounds from 0.9952

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 22, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by the support of the the lower line of the price channel on 4-hour chart, USDCAD rebounds from 0.9952, suggesting that a cycle bottom is being formed. Resistance is at 0.9995, a break above this level will indicate that the uptrend from 0.9632 (Sep 14 low) has resumed, then further rise towards 1.0100 could be expected. However, as long as 0.9995 resistance holds, another fall to re-test the channel support is still possible, a clear break below the channel support will indicate that the uptrend from 0.9632 has completed at 1.0055 already, then deeper decline to test 0.9874 key support could be seen.

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