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USDCAD stays in a trading range between 1.0397 and 1.0525

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 20, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD stays in a trading range between 1.0397 and 1.0525. The price action in the range is likely consolidation of the uptrend from 1.0182 (Sep 19 low). Key support is located at the lower line of the upward price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.0700 is still possible after consolidation. On the downside, a clear break below the channel support will signal completion of the uptrend, then the following downward move could bring price to 1.3000 zone.


    Provided by ForexCycle.com

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