USDCAD Analysis – November 21, 2009

USDCAD’s fall from 1.0852 completed at 1.0416 level already. Now the rebound from 1.0416 could possibly be resumption of uptrend from 1.0206. Another rise to 1.1000 zone would more likely be seen in a couple of weeks. However, a breakdown below 1.0416 will indicate that the fall from 1.0852 is resumption of long term downtrend, and then next target is to test 1.0206 previous low support.

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