USDCAD Analysis – November 27, 2010

USDCAD traded in a range between 0.9977 and 1.0378. Another rise towards 1.0378 key resistance would more likely be seen next week, a break above this level will bring price further to 1.0600 or even higher. Support is at 0.9977, only break below this level could trigger another fall to 0.9500 area.

For long term analysis, USDCAD may be forming a cycle bottom at 0.9977 level on weekly chart. Key resistance is at 1.0378, a break above this level will confirm the cycle bottom.

usdcad daily chart
usdcad weekly chart