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USDCAD stays in a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 15, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.0960. As long as the channel resistance holds, the downtrend could be expected to continue, and further decline to test 1.0813 support is possible, a breakdown below this level will signal resumption of the longer term downtrend from 1.1278 (Mar 20 high), then next target would be at 1.0700 area. On the upside, a clear beak above the channel resistance will indicate that lengthier sideways movement in a range between 1.0813 and 1.0960 is underway, then further rise to 1.0940 area could be seen.


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