Tuesday, October 16, 2012

USDCAD Got Rejected from Previous Highs

The Canadian dollar weakened the most in almost three months against U.S. Dollar after Bank of Canada Governor Mark Carney suggested he may reduce his economic outlook and delay raising policy interest rates. 

myfxvoyage.blogspot.com USDCAD H4
Technically, previous highs of 3-Oct-12 provided strong resistance to the up move and pair got a 30/35 pips up wick indicating a string rejection. 

Its currently consolidating at previous horizontal resistance around 0.9855/59 area.  This area is also a descending trendline touch and the upper trendline of ascending channel. 

Area of 0.9880/85 is a confluence of many objects. A break above aims for highs of 24-Aug, 30-Aug & 5-Sep.

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