USDCAD Analysis – Mar 19, 2008

Being contained by the price channel resistance, USDCAD pulls back from 1.0014 level. The pair might be forming a cycle top on daily chart. Key support is at 0.9796, a break of this level will confirm the cycle top, and further fall to test 0.9056 (Nov 2007 low) support could then be seen.

For long term analysis, USDCAD formed a long term cycle top at 1.0378 on weekly chart. Pullback to test 0.9056 (Nov 2007 low) is expected.

usdcad daily chart