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USDCAD stays below a downward trend line

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

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0055. As long as the trend line resistance holds, the downtrend could be expected to continue, and further decline to test 0.9874 support could be seen. On the upside, a clear break above the trend line resistance will suggest that a cycle bottom has been formed at 0.9914, then the following upward movement could bring price back towards 1.0055 previous high.


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