USDCAD Analysis – November 14, 2009

USDCAD’s fall from 1.0852 extended to as low as 1.0416 level. If bearish continues next week, the fall from 1.0852 will be treated as resumption of long term downtrend, then deeper decline could be seen to re-test 1.0206 support. Resistance level is now at 1.0650, only rise above this level could take price back to upward trend.

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