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USDCAD traded in a narrow range

Discussion in 'Technical Analysis' started by ForexCycle.com, May 29, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD traded in a narrow range between 0.9743 and 0.9816. As long as 1.9743 support holds, the price action in the range is treated as consolidation of uptrend from 0.9444, and another rise towards 0.9900 is still possible after consolidation. However, a breakdown below 0.9743 will indicate that lengthier consolidation of uptrend is underway, then pullback to 0.9650-0.9700 area could be seen.

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