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USDCAD remains in downtrend from 1.0442

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 25, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0442, and the fall extends to as low as 1.0255. 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 continue, and next target would be at 1.0200 area. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.0442 is complete, then the pair will find resistance around 1.0360.

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