USDCAD Analysis – February 26, 2011

USDCAD continued its downward movement from 1.0057, and the fall extended to as low as 0.9772 level. Deeper decline is expected next week and next target would be at 0.9600-0.9700 area. Resistance is at the downtrend line on daily chart, as long as the trend line resistance holds, downtrend will 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