USDCAD Analysis - July 22, 2012

Long Term Forex Analysis | by ForexCycle.com | Sunday, 22 July 2012 11:17 UTC
After consolidation, USDCAD continues its downward movement from 1.0445, and the fall extends to as low as 1.0065. Further decline would likely be seen over the next several days, and next target would be at 1.0000 area. Resistance is at 1.0200, as long as this level holds, downtrend will continue.

For long term analysis, USDCAD may be forming a cycle top at 1.0445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.

usdcad daily chart

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