USDCAD Analysis – June 20, 2009

USDCAD is moving to the next cycle top on daily chart. Further rebound to 1.1500 is still possible next week. However, the next cycle top is nearing, and the pair could be topping at 1.1448 level. Key support is now located at 1.1100, a break down below this level will confirm the cycle top, then the following downtrend will take price to 1.0000 zone.

For long term analysis, USDCAD has formed a cycle top at 1.3063 level on weekly and monthly chart. The pair is now in long term bearish movement. Further fall towards 1.0000 is expected in next several weeks.

usdcad daily chart