USDCAD Analysis – January 2, 2010

USDCAD broke below 1.0405 support, suggesting that a cycle top has been formed at 1.0745 level on daily chart. Further decline towards 1.0206 is expected in a couple of weeks. Resistance is now at 1.0580, only rise above this level could take price back to sideways movement.

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