Daily Forex Analysis – July 23, 2008

USDCAD Analysis.
USDCAD broke above 1.0080 resistance and reached 1.0116 level. Further rebound is expect to test 1.0238 (July 1 high), a break of this level will indicate that the fall from 1.0322 (June 10 high) has completed and long term up trend has resumed. Initial support is now located at 0.9974, only fall below this level will signal deeper decline to 0.9900 level.


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