USDCAD Analysis – April 3, 2010

USDCAD is testing 1.0061 support, below this level will indicate that the downtrend from 1.0779 has resumed, then another fall towards 0.9900 could be seen. Resistance is now at the upper border of the price channel and key resistance is at 1.0302, only rise above this level may suggest that the fall from 1.0779 has completed at 1.0061 already.

For long term analysis, USDCAD is in downtrend from 1.3063 (Mar 9, 2009), deeper decline to 0.9500 is possible in next several weeks.

usdcad daily chart