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USDCAD stays below a downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 12, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0055, and the fall extends to as low as 0.9844. Further decline could be expected after a minor consolidation, and next target would be at 0.9800 area. Initial resistance is at 0.9880, and the key resistance is located at the downward trend line, only a clear break above the trend line resistance could signal completion of the downtrend.

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