USDCAD Analysis – October 30, 2010

Being contained by 1.0378 key resistance, USDCAD pulled back from 1.0348 level. Range trading between 0.9979 and 1.0378 is expected next week. As long as 0.9979 support holds, we’d expect uptrend to resume and another rise to 1.0600 would more likely be seen.

For long term analysis, USDCAD may be forming a cycle bottom at 0.9979 level on weekly chart. Key resistance is at 1.0378, a break above this level will confirm the cycle bottom.

usdcad daily chart