USDCAD Analysis – January 15, 2011

USDCAD remains in downtrend from 1.0285 and the fall extended to as low as 0.9848 level. Further decline is still possible next week and next target would be at 0.9700 area. Resistance is at 0.9980, 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