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USDCAD stays below a trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 20, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays below a falling trend line on 4-hour chart, and remains in downtrend from 0.9777. further decline to test 0.9444 support could be seen later today, a breakdown below this level will indicate that the long term downtrend from 1.0852 (2010 high) has resumed. Resistance is at the downtrend line, only a clear break above the trend line could indicate that the fall from 0.9777 is complete.

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