USDCAD rebounded from 1.0652 last week

Franco Shao from ForexCycle.com at 11/02/09

 

Being supported by the lower border of the rising price channel on 4-hour chart, USDCAD rebounded from 1.0652 last week, suggesting that a short term cycle bottom has been formed and uptrend from 1.0206 has resumed. As long as the channel support holds, we’d expect uptrend to continue and another rise towards 1.1000 is possible. Key support level is now located at 1.0627, below this level could indicate that the rise from 1.0206 has completed, then the following downward trend could bring price back below 1.0206 previous low.