USDCAD Analysis – August 15, 2009

USDCAD has formed a cycle bottom at 1.0632 level on daily chart. Further rise towards the upper border of the price channel is expected in a couple of weeks. Near term support is at 1.0632, only fall below this level will indicate that the downtrend from 1.1723 has resumed.

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