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USDCAD stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 28, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.0442. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.0200 area. However, a clear break above the channel resistance will indicate that consolidation of the longer term downtrend from 1.0608 is underway, then further rally to 1.0360 area could be seen.

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