USDCAD Analysis – May 21, 2011

USDCAD is facing the resistance of the downtrend line from 1.0285 to 0.9973, a clear break above the trend line resistance will indicate that the long term downtrend from 1.0672 had completed at 0.9444 already, then the following upward move could bring price to 1.0000 area.

For long term analysis, USDCAD might be forming a cycle bottom at 0.9444 on weekly chart. Key resistance is at 0.9800, a break above this level will confirm the cycle bottom.

usdcad daily chart