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USDCAD remains in downtrend from 1.0852

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 3, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0852 and the fall extends to as low as 1.0333 level. Deeper decline is still possible later today and target is the lower border of the price channel on 4-hour chart. Resistance is at the falling trend line from 1.0852 to 1.0571, as long as the trend line resistance holds, downtrend will continue. However, a clear break above the trend line resistance will suggest that lengthier consolidation of downtrend is underway, then further rise towards 1.0571 could be seen.

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