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USDCAD remains in uptrend from 1.0182

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

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in uptrend from 1.0182 (Sep 19 low), the price action from 1.0496 could be treated as consolidation of the uptrend. Key support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.0700 is still possible. On the downside, a clear break below the channel support will indicate that the uptrend from 1.0182 had completed at 1.0525 already, then the following downward movement could bring price to 1.3000 zone.

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