USDCAD Analysis – Feb 24, 2008

USDCAD broke above 1.0126 key resistance and is now in up trend. Further rise to test previous high resistance at 1.0378 is expected. Near term support is at the edge of the price channel, and key support is at 0.9871, only breakdown below this level could signal the resumption of the down trend.

For long term analysis, the pair formed a long term cycle bottom at 0.9056 on weekly chart. Consolidation in a range between 0.9056 and 1.0750 can be seen in the next several months.

usdcad daily chart