USDCAD Analysis – January 16, 2010

USDCAD is testing 1.0206 previous low support. Break below this level would more likely be seen next week and next target would be at 1.0000 area. Resistance is at 1.0420, as long as this level holds, downtrend from 1.0745 could be expected to continue.

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