USDCAD Analysis – April 11, 2009

USDCAD is testing the support of 1.2191. As long as the pair stays above this level, we’d expect range trading between 1.2191 and 1.2714 to continue. However, a break down below 1.2191 level will signal deeper decline to 1.1900-1.2000 area.

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