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USDCAD trades in a narrow range between 1.0498 and 1.0581

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 19, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD trades in a narrow range between 1.0498 and 1.0581. The price action in the range is more likely consolidation of uptrend from 1.0276. One more rise towards 1.0676 key resistance is still possible later today, and pullback would more likely be seen before breaking above this level. Key support is now at 1.0498, a breakdown below this level will indicate that a cycle top has been formed on 4-hour chart and the rise from 1.0276 is complete, then another fall towards 1.0000 could be seen.

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