USDCAD dropped from 1.0413

Franco Shao from ForexCycle.com at 01/14/10

 

Being contained by the falling trend line from 1.0745 to 1.0576, USDCAD dropped again from 1.0413, suggesting that a short term cycle top has been formed on 4-hour chart. Now the fall from 1.0413 is treated as resumption of downtrend from 1.0745. Another fall towards 1.0206 (Oct 15 low) is now in favor. Resistance remains at the falling trend line, followed by 1.0413, only rise above this level could indicate that the fall from 1.0745 has completed.