USDCAD Analysis – April 21, 2009

USDCAD rebound sharply from 1.1981 level, suggesting that a cycle bottom is being formed. Key resistance is now located at 1.2483, a break above this level will confirm the cycle bottom, and then further rally could be seen to test 1.2714 resistance.

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

usdcad daily chart