USDCAD Analysis – August 1, 2009

USDCAD breaks below 1.0784 previous low. Deeper decline is still in favor and next target would be at 1.0400-1.0500 area. Near term resistance is at 1.0950, and key resistance is at 1.1113, only rise above this level will suggest that the fall from 1.1723 has completed.

For long term analysis, USDCAD breaks below 1.0784, suggesting the long term downtrend from 1.3063 has resumed. Deeper decline is now in favor, and next target would be at 1.0000 zone.

usdcad daily chart