USDCAD Analysis – February 19, 2011

USDCAD broke below 0.9831 previous low and reached as low as 0.9815 level. Deeper decline could be expected next week and next target would be at 0.9700 area. Resistance is at 0.9905, 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