USDCAD is in downtrend from 1.0318
byon February 9th, 2012 at 10:16 PM (5397 Views)
USDCAD is in downtrend from 1.0318, the price action from 0.9926 is treated as consolidation of downtrend. Resistance is now at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend could be expected to resume, and one more fall towards 0.9800 is still possible. However, a clear break above the upper line of the channel will indicate that the fall from 1.0318 is complete, then the following upward movement could bring price back to 1.0500 zone.
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