USDCAD Analysis – Feb 9, 2008

USDCAD’s consolidation from 1.0248 might be completed at 0.9871 level. Rise towards 1.0750 area to reach the next cycle top on daily chart is now in favor, and a break of 1.0126 level is needed to confirm such case. Key support is at 0.9871, only breakdown below this level could signal the resumption of the down trend.

For long term analysis, the pair formed a long term cycle bottom at 0.9056 on weekly chart. Consolidation in a range between 0.9056 and 1.0750 can be seen in the next several months.

usdcad daily chart