USDCAD Analysis – July 11, 2009

USDCAD stays in the rising price channel on daily chart and remains in uptrend from 1.0784. Further rally to test 1.1813 resistance is possible next week. Near term support is at the lower border of the price channel, now at 1.1520, a clear break below the channel support will indicate that the uptrend from 1.0784 has completed, then the following pullback will take price 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