USDCAD Analysis – February 6, 2011

USDCAD continued its downward movement from 1.0672 and the fall extended further to as low as 0.9831 and next target would be at 0.9700 area. Resistance is at 1.0057, as long as this level holds, downtrend will continue.

For long term analysis, USDCAD’s long term downtrend has resumed. Further fall towards 0.9000 is expected in next several months.

usdcad daily chart