USDCAD Analysis – June 10, 2012

USDCAD has formed a cycle top at 1.04445 on daily chart. Further decline could likely be seen next week, and next target would be at 1.0000 area. Key resistance is now at 1.04445, only break above this level could trigger another rise towards 1.0656 (Oct 4, 2011 high) previous high.

For long term analysis, USDCAD may be forming a cycle top at 1.04445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.

usdcad daily chart
usdcad weekly chart