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USDCAD stays in a price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 26, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD stays in a falling price channel on 4-hour chart, and remains in downtrend from 0.9777, and the fall extended to as low as 0.9406. Resistance is at the upper border of the price channel, as long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 0.9300. Only a clear break above the channel resistance will suggest that a cycle bottom is being formed, then consolidation of downtrend could be seen to follow.


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