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USDCAD remains in uptrend from 1.0588

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 15, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD remains in uptrend from 1.0588, the fall from 1.0991 could be treated as consolidation of the uptrend. Support is now located at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume, and next target would be at 1.1100 area. On the downside, a clear break below the channel support will indicate that the upward movement from 1.0588 had completed at 1.0991 already, then the pair will find support around 1.0700.

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