USDCAD Analysis – November 18, 2012

USDCAD stays in a upward price channel on daily chart, and remains in uptrend from 0.9632. Further rise is still possible, and next target would be at 1.0100-1.0150 area. Support is located at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend.

For long term analysis, USDCAD had formed 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