USDCAD Analysis – December 3, 2011

USDCAD is now in downtrend from 1.0523. Further fall could be expected in a couple of weeks, and next target would be at 0.9800 area. Resistance is at 1.0250, as long as this level holds, downtrend will continue.

For long term analysis, USDCAD had formed a cycle top at 1.0656 on weekly chart. Further fall towards 0.9406 previous low could be seen over the next several weeks.

usdcad daily chart