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USDCAD stays in a trading range

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 2, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays in a trading range between 1.0286 and 1.0420. Key support is at 1.0286, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.0013, one more rise to 1.0500 area to complete the upward movement is possible after consolidation. On the downside, a breakdown below 1.0286 support will indicate that the uptrend from 1.0013 had completed at 1.0420 already, then the following downward movement could bring price back to 1.0100 zone.

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