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USDCAD remains in downtrend from 1.0083
Sunday, August 19, 2012 19:57
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USDCAD remains in downtrend from 1.0083, the rise from 0.9859 is treated as consolidation of the downtrend. Resistance is now at 0.9930, as long as this level holds, we’d expect downtrend to resume, and another fall towards 0.9800 is still possible. However, a break above 0.9930 resistance will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.0083 has completed, then further rally could be seen to follow, and the target would be at 1.0000 area.
