USDCAD Analysis - June 16, 2012
Long Term Forex Analysis | by ForexCycle.com | Saturday, 16 June 2012 04:57 UTCUSDCAD is now in downtrend from 1.0445. Further decline would likely be seen next week, and next target would be at 1.0000 area. Resistance levels are at 1.0325 and 1.0445, only break above these levels could trigger another rise towards 1.0656 (Oct 4, 2011 high) previous high.
For long term analysis, USDCAD may be forming a cycle top at 1.04445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.
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