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USDCAD stays in the rising price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 29, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays in the rising price channel on 4-hour and remains in uptrend from 1.0940. The price action in the trending range between 1.1418 and 1.1636 is treated as consolidation of uptrend. Further rise is possible to 1.1700 zone after consolidation. Initial support is at the lower border of the price channel. Key support is at 1.1418, only drop below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 already, then the following pullback will take price to 1.1250-1.1300 area.

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