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USDCAD remains in downtrend from 1.0293

Discussion in 'Technical Analysis' started by ForexCycle.com, May 3, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0293, the rise from 1.0051 is likely consolidation of the downtrend. Resistance is at 1.0145, as long as this level holds, another fall could be expected after consolidation, and a breakdown below 1.0051 could signal resumption of the downtrend. On the upside, a break above 1.0145 will suggest that the downtrend had completed at 1.0051 already, then the following upward movement could bring price back to 1.0250 area.

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