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USDCAD remains in downtrend from 1.0293

Discussion in 'Technical Analysis' started by ForexCycle.com, May 9, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0293, the price action from 1.0051 is likely consolidation of the downtrend. Resistance is now 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 towards 1.0000 is possible. On the upside, a clear break above the channel resistance will suggest that the downward movement from 1.0293 had completed at 1.0013 already, then further rally to 1.0200 area could be seen.

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