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USDCAD remains in downtrend from 1.0055

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 18, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0055, the price action from 0.9824 is likely consolidation of the downtrend. Resistance is 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 towards 0.9700 is still possible. On the upside, a clear break above the channel resistance will suggest that lengthier consolidation of the downtrend is underway, then further rally to 0.9920 area could be seen.

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