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USDCAD remains in downtrend from 1.0960

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 1, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD remains in downtrend from 1.0960, and the fall extended to as low as 1.0628. Near term resistance is located at the falling trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0500 area. On the upside, a clear break above the trend line resistance will indicate that consolidation of the downtrend is underway, then range trading between 1.0620 and 1.0710 could be seen.


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