USDCAD Analysis – April 30, 2011

USDCAD stays below a downtrend line on daily chart, and remains in bearish movement. Further fall could be seen next week, and next target would be at 0.9300 area. Resistance is at the trend line, now at 0.9610, as long as the trend line resistance holds, downtrend 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