USDCAD: Consolidating Within A Downtrend
USDCAD: Although the pair remains vulnerable to the downside while holding within its weekly falling channel,….
USDCAD: Consolidating Within A Downtrend
USDCAD: Although the pair remains vulnerable to the downside while holding within its weekly falling channel, it may be preparing to return to the 1.0372 level traded on Oct 19’10. Beyond there will target its falling channel top currently located at 1.0444.
A break and hold above there must be established to halt its medium term downside pressure and open the door for a run at 1.0672 or even higher. Alternatively, support lies at the 1.0167 level, its Oct 21’10 low with a violation of there turning focus to the 0.9979 level and next its YTD low at 0.9927. A break will of that level will reverse its bottom building scenario and activate further downside weakness.
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