USDCAD Analysis – December 26, 2009

Being contained by 1.0748 resistance, USDCAD pulled back from 1.0745 level. Another fall towards 1.0206 previous low is expected in a couple of weeks and a breakdown below 1.0405 support could signal resumption of downtrend.

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