USDCAD Analysis – January 22, 2011

USDCAD may be forming a cycle top at 1.0030 level on daily chart. Another fall towards 0.9700 would likely be seen next week. Resistance is now at 1.0030, only break above this level could indicate that lengthier consolidation of downtrend is underway.

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