USDCAD Analysis – Mar 19, 2009

USDCAD drops below 1.2500 key support, suggesting a cycle top has been formed at 1.3063 level on daily chart, and the pair is back to range trading between 1.1464 and 1.3063. Further fall is now in favor. The target would be at 1.2000 zone.

For long term analysis, USDCAD remains in bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.

usdcad daily chart