USDCAD Analysis – June 2, 2012

USDCAD’s upward movement from 0.9799 extends to as high as 1.0441. Further rise is still possible next week, and next target would be at 1.0550 area. Support is at 1.0300, only break below this level could signal completion of the uptrend.

For long term analysis, USDCAD has formed a cycle bottom at 0.9799 on weekly chart. Further rise towards 1.0400 is expected over the next several weeks.

usdcad daily chart