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USDCAD stays in a trading range between 1.1221 and 1.1448

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 21, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    USDCAD stays in a trading range between 1.1221 and 1.1448. The price action in the trending range is treated as consolidation of uptrend from 1.0784, and further rally is still possible to 1.1550 zone after consolidation. On the other side, the pair could be forming a short term cycle top at 1.1448 level on 4-hour chart. Key support is now located at 1.1221, a break down below this level will confirm the cycle top and indicate that the uptrend from 1.0784 has completed at 1.1448 level already, then the following downtrend will take price back to re-test 1.0784 previous low support.


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