USDCAD Analysis – Mar 21, 2009

USDCAD has formed a cycle top at 1.3063 level on daily chart. Further fall is expected next week and target would be at 1.2000 zone. Near term resistance is at 1.2500, as long as this level holds, we’d expect downtrend to continue.

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