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USDCAD Analysis - January 30, 2010 |
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Forex Market Analysis |
Written by ForexCycle.com |
Saturday, 30 January 2010 03:44 GMT
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USDCAD failed to break below 1.0206 support and bounced from 1.0224. Now the pair is forming a double bottom pattern on daily chart. Further rise to test 1.0852 key resistance is expected in a couple of weeks, a break above this level will trigger a great move to 1.1500 area.
For long term analysis, USDCAD had formed a cycle bottom at 1.0206 level on weekly chart. Rise towards 1.1500 is expected in next several weeks.
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