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USDCAD rebounds sharply from 1.0297

Discussion in 'Commodity vs Dollar' started by ForexCycle.com, Sep 30, 2008.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD rebounds sharply from 1.0297 and formed a cycle bottom on daily chart. Further rise above 1.0819 previous high is still possible in next several days. Long term key support is now located at 1.0297, a break below this level will indicate that the up trend from 0.9818 (May 21 low) has completed, and deeper decline could be seen to 0.9900 zone.

    For long term analysis, USDCAD is in bullish movement. Further rise towards 1.1400 to reach the next cycle top on monthly chart is still in favor.


    Long Term Forex Analysis

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