USDCAD Analysis – October 31, 2009

USDCAD’s rise from 1.0206 extended to as high as 1.0846. Further rise towards 1.1124 resistance is still possible next week. However, the rise from 1.0206 is more likely correction of long term downtrend, and another fall is expected before breaking above 1.1124 key resistance.

For long term analysis, USDCAD is in long term downtrend from 1.3063. Deeper decline towards 0.9500 is expected in next several weeks.

usdcad daily chart