USDCAD Analysis – June 12, 2010

USDCAD breaks below the uptrend line from 0.9930 to 1.0110. Deeper decline is expected next week and next target would be at 1.0100 area. Resistance is now at 1.0460, as long as this level holds, downtrend from 1.0852 will continue.

For long term analysis, USDCAD is forming a cycle top at 1.0852 level on weekly chart. Rang trading between 0.9930 and 1.0852 would more likely be seen in next several weeks.

usdcad daily chart

usdcad weekly chart