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USDCAD remains in downtrend from 1.0055

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 28, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDCAD remains in downtrend from 1.0055, the bounce from 0.9905 is likely consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to test 0.9874 support could be seen, a breakdown below this level will confirm that the longer term uptrend from 0.9632 (Sep 14) had completed at 1.0055 already, then the following downward move could bring price to 0.9700 area. On the upside, a clear break above the channel resistance will indicate that the downward movement from 1.0055 is complete, then further rise towards 1.0100 could be expected.


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