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USDCAD remains in downtrend from 1.0559

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 19, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0559, the rise from 1.0182 is treated as consolidation of the downtrend. Initial resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.0000 is still possible. One the upside, a clear break above the trend line resistance will indicate the lengthier consolidation of the downtrend from 1.0568 is underway, then range trading between 1.0182 and 1.0350 could be seen.

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