USDCAD Analysis – July 4, 2009

USDCAD remains in uptrend from 1.0784, further rally is possible to test 1.1813 resistance next week. Near term support is at the lower border of the rising price channel on daily chart now at 1.1390, only clear break below the channel support will take price back to 1.1100-1.1200 area.

For long term analysis, USDCAD might be forming a cycle bottom at 1.0784 level on weekly chart. Rebound towards 1.2000-1.2500 area is possible in next several weeks.

usdcad daily chart