Home  Long Term Forex Analysis USDCAD Analysis - Aug 20, 2008
|
|
|
|
USDCAD Analysis - Aug 20, 2008 |
|
|
|
Written by ForexCycle.com
|
|
Tuesday, 19 August 2008 |
|
USDCAD is in consolidation to up trend. Key support is now located at 1.0543 level. As long as this support holds, we'd expect up trend to resume, and one more rise towards 1.1000 is still possible after consolidation. However, a break down below 1.0543 will indicate that a cycle top has been formed at 1.0727, and then pullback could be seen to 1.0400 level.
For long term analysis, USDCAD formed a long term cycle bottom at 0.9818 level on weekly chart. Further rise towards 1.1000 to reach next cycle top is still in favor.
Previous Long Term Forex Market Analysis
|
|
Recommended Forex Trading Platforms
 |
A 90 day demo account helps you build up your trading confidence with ample time and capital before entering a live environment. From US$5,000 up to US$ 5,000,000 to trade in virtual money, get direct access to the world's FX markets at no risk or obligation with our powerful, user-friendly online trading platform - the MIG Trading Station. |
|
