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USDCAD stays above a upward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 26, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9824. Support is at the uptrend line, as long as the trend line support holds, the fall from 0.9953 is treated as consolidation of the uptrend, and another rise to 0.9970 is still possible. On the downside, the rise from 0.9824 would possibly be correction of the the longer term downtrend from 1.0055, a clear break below the trend line could signal resumption of the downtrend, then another fall towards 0.9700 could be seen.

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