USDCAD Analysis – April 3, 2011

USDCAD broke below 0.9667 support, suggesting that the downtrend from 1.0672 has resumed. Further fall is expected in a couple of weeks and next target would be at 0.9500 area. Resistance is at 0.9700, as long as this level holds, downtrend from 0.9973 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