USDCAD Analysis – April 24, 2010

USDCAD’s downtrend extended further to as low as 0.9930. Deeper decline is still possible in a couple of weeks and next target would be at 0.9500 area. Resistance is now at the falling trend line on daily chart, as long as the trend line resistance holds, downtrend from 1.0779 could be expected to continue.

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