USDCAD Analysis – January 1, 2011

USDCAD broke below 0.9930 long term key support. Further decline is expected in a couple of weeks and target would be at 0.9500 area. Resistance is at 1.0055, as long as this level holds, downtrend could be expected to continue.

For long term analysis, USDCAD’s long term downtrend has resumed. Further fall towards 0.9000 is expected in next several months.

usdcad daily chart
usdcad weekly chart