USDCAD Analysis - March 6, 2010 Bookmark and Share
Forex Market Analysis  |  Written by ForexCycle.com |  Saturday, 06 March 2010 04:37 GMT
USDCAD is facing the previous low support at 1.0224, a breakdown below this level will indicate that the long term downtrend from 1.3063 (Mar 9, 2009) has resumed, then next target would be at 1.000 area. On the other side, a cycle bottom could be formed above 1.0224, a break above 1.0400 level could take price back to range trading between 1.0206 and 1.0852.

For long term analysis, USDCAD had formed a cycle bottom at 1.0206 level on weekly chart. Range trading between 1.0206 and 1.0852 would more likely be seen in next several weeks.

usdcad daily chart
 

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