USDCAD Analysis – Mar 30, 2008

Being contained by the previous high resistance at 1.0378, USDCAD pulls back from 1.0307 level. Sideways consolidation is expected before breaking above 1.0378. Key support is now located at 1.0094, a break of this level will indicate that the up trend from 0.9709 has completed, and deeper decline to retest 0.9709 support could be seen.

For long term analysis, USDCAD is in correction to the long term down trend. Further rise to 1.0750 to reach the next cycle top on weekly chart is now in favor.

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usdcad daily chart