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USDCAD remains in downtrend from 0.9826

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 7, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 0.9826, the price action from 0.9568 is treated as consolidation of downtrend. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9500 zone. However, a clear break above the trend line resistance will indicate that a cycle bottom has been formed at 0.9568 on 4-hour chart, then range trading between 0.9568 and 0.9650 could be seen.

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