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Dec 20, 2014

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Home » Technical Analysis » Daily » CAD » USD/CAD Trading near Trendline Support

USD/CAD Trading near Trendline Support

Forex Technical Update

Previous: USD/CAD Awaiting Breakout from Short-term Consolidation (11/23)

USD/CAD 4H Chart 8:02AM EDT 11/26/2012

USD/CAD 11/26/2012 4H chart

Channel, trendlines support: USD/CAD is in a very short-term bearish channel since finding resistance around 1.0050 in mid-November. This is part of sideways action since mid-October that followed a bull run. There has not been any clear technical clues on what direction this market is going for. However, USD/CAD is trading near a key trendline support that goes back to the 0.9631 low from September. A hold above the trendline and a break above parity, refocuses the outlook pair to the upside. A break below the trendline, followed by break of the November-low 0.9872 opens up a bearish outlook, which exposes the 0.9631 low.

Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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