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USDCAD trades in a narrow range between 1.0749 and 1.0933

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 30, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After breaking below 1.0784 previous low, USDCAD trades in a narrow range between 1.0749 and 1.0933. The price action in the trading range is more likely consolidation of downtrend form 1.1723, further fall to 1.0500 zone is still possible after consolidation. Near term resistance is at 1.0933 followed by 1.1000, only rise above 1.1000 level will indicate that the downtrend from 1.1723 has completed at 1.0749 level already, then the following uptrend will take price back to 1.1500 zone.

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