USDCAD Analysis – November 28, 2009

USDCAD traded in range between 1.0416 and 1.0852. As long as 1.0852 resistance holds, we’d expected downtrend to resume and another fall towards 1.000 would more likely be seen. Only rise above 1.0852 will indicate lengthier correction of long term downtrend is underway, then further rally is expected to 1.1000 zone.

For long term analysis, USDCAD is in long term downtrend from 1.3063. Deeper decline towards 1.0000 is expected in next several weeks.

usdcad daily chart