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USDCAD’s upward movement extends to 1.0672

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 3, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    USDCAD’s upward movement from 1.0414 extends to as high as 1.0672, the subsequent fall suggest that consolidation of the uptrend is underway. Support is located at the lower line of the rising price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0700 could be expected after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend from 1.0414 had completed at 1.0672 already, then the following downward movement could bring price back to 1.0500 zone.


    Provided by ForexCycle.com

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