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USDCAD Analysis - February 6, 2010 |
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Forex Market Analysis |
Written by ForexCycle.com |
Saturday, 06 February 2010 02:37 GMT
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USDCAD traded in a range between 1.0206 and 1.0852. The price action in the trading range is more likely a double bottom pattern on daily chart. Rise to test 1.0852 key resistance is expected next week, a break above this level will trigger a sharp 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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