USDCAD Analysis – June 5, 2010

Being contained by the uptrend line from 0.9930 to 1.0110, USDCAD bounced strongly from 1.0333 level. Another rise towards 1.0852 is still possible in a couple of weeks, a break above this level will target 1.1100 area, however, pullback would more likely be seen before breaking above 1.0852 level. Support is now at 1.0333, only fall below this level could signal another fall towards 0.9930 previous low.

For long term analysis, USDCAD has formed a cycle bottom at 0.9930 level on weekly chart. Range trading between 0.9930 and 1.0900 would more likely be seen in next several weeks.

usdcad daily chart