USDCAD Analysis – July 25, 2009

USDCAD is testing 1.0784 previous low support, a break below this level will signal deeper decline towards 1.0400-1.0500 area. Near term resistance is at 1.1150, only rise above this level will suggest that the fall from 1.1723 has completed.

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