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USDCAD rebounds from the lower border of the rising price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 28, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD rebounds from the lower border of the rising price channel. Moving higher to test 1.1636 resistance is possible later today, a break above this level will signal further rally to 1.1700 zone. Near term support is at the lower border of the rising price channel on 4-hour chart, and the key support is at 1.1418, fall below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 level already, then deeper decline could be seen to 1.1250-1.1300 area.

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