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USDCAD remains in downtrend from 1.0960

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 7, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in downtrend from 1.0960, the rise from 1.0619 is likely consolidation of the downtrend. Resistance is at 1.0700, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.0500 area. On the upside, a break above 1.0700 resistance will indicate that the downtrend had completed at 1.0619 already, then the following upward movement could bring price to 1.0750 area.

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