USDCAD Analysis – January 29, 2011

USDCAD remains in downtrend from 1.0672, the bounce from 0.9836 is treated as consolidation of downtrend. Further rally is still possible next week and target would be at 1.0100 area. Support is at 0.9900, a break below this level could trigger another fall towards 0.9700 zone.

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