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| USDCAD Analysis - Jul 2, 2008 |
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| Written by ForexCycle.com | |
| Wednesday, 02 July 2008 | |
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USDCAD rebounded from 1.0048. Further rise to test 1.0322 is still possible in a couple of days, a break of this level will signal resumption of long term up trend. As long as the pair stays below 1.0322 level, the price action is treated as sideways consolidation. For long term analysis, USDCAD is forming a long term cycle bottom at 0.9818 level on weekly chart. Key resistance is located at 1.0326, a break of this level will confirm the cycle bottom.
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