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USDCAD stays in a trading range between 1.0326 and 1.0442

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 16, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays in a trading range between 1.0326 and 1.0442. As long as 1.0442 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0608, another fall towards 1.0150 is still possible after consolidation. On the upside, a break above 1.0442 resistance will indicate that lengthier correction of the downtrend from 1.0608 is underway, then further rally to 1.0480 – 1.0500 area could be seen.

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