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USDCAD breaks below price channel

Franco Shao from ForexCycle.com at 01/28/10


USDCAD breaks below the lower border of the rising price channel on 4-hour chart, suggesting that a short term cycle top is being formed at 1.0691. Range trading between 1.0550 and 1.0691 would more likely be seen in a couple of days. However, the price action from 1.0691 is treated as minor consolidation of uptrend from 1.0224. One more rise to 1.0900 is still possible after consolidation and a break above 1.0691 could signal resumption of uptrend.

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