USDCAD Analysis – April 4, 2009

USDCAD’s downtrend remains and the fall from 1.2714 could possibly be resumption of the downtrend. Deeper decline is still possible next week and the next target would be at 1.1900-1.2000 area. Near term resistance is located at 1.2714, as long as this level holds, we’d expect the downtrend from 1.3063 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