USDCAD Analysis – April 23, 2011

USDCAD’s bearish movement extended to as low as 0.9453. Resistance is at the falling trend line on daily chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9300 area. However, a clear break above the trend line will indicate that a cycle bottom has been formed, then further rally could be seen to 0.9900 zone.

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