USDCAD Analysis – June 30, 2012

USDCAD is facing 1.0159 support, a breakdown below this level will indicate that the downtrend from 1.0445 has resumed, then further decline towards 1.0000 could be seen. Key resistance is at 1.0445, only break above these levels 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