USDCAD Analysis – July 28, 2012

USDCAD’s downward movement from 1.0445 extends to as low as 1.0030. Further decline could be expected next week, and next target would be at 0.9900 area. Key resistance is now at 1.0230, only break above this level could signal completion of the downtrend.

For long term analysis, USDCAD may be forming a cycle top at 1.0445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.

usdcad daily chart