USDCAD Analysis – September 26, 2009

USDCAD broke above 1.0925 resistance, suggesting that a cycle bottom has been formed at 1.0590 level on daily chart. Further rise towards 1.1124 resistance is now in favor, a break above this level will signal further rise to 1.1400-1.1500 area.

For long term analysis, USDCAD is long term downtrend from 1.3063 and the price action from 1.0784 is treated as consolidation of downtrend. Deeper decline is in favor, and target would be at 1.0000 zone.

usdcad daily chart