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USDCAD stays below a downtrend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 11, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD stays below a downtrend line on 4-hour chart, and remains in downtrend from 0.9826, and the price action from 0.9526 is treated as consolidation of downtrend. As long as the trend line resistance holds, we’d expect downtrend to resume, and another fall towards 0.9400 is still possible. However, a clear break above the trend line resistance will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 0.9650 zone.


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