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USDCAD remains in uptrend from 1.0083

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 21, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in uptrend from 1.0083, the fall from 1.0293 is treated as consolidation of the uptrend. Support is at 1.0200, as long as this level holds, another rise to test 1.0341 resistance is still possible, a break above this level will indicate that the longer term uptrend from 0.9632 (Sep 14, 2012 low) has resumed, then the following upward move could bring price to 1.0500 area. On the downside, a breakdown below 1.0200 level will suggest that the upward movement from 1.0083 has completed at 1.0293 already, then deeper decline towards 1.0000 could be seen to follow.

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