USDCAD Analysis – May 28, 2011

USDCAD broke above the downtrend line from 1.0285 to 0.9973, suggesting that the fall from 1.0672 had completed at 0.9444 already. Further rally could be seen in a couple of weeks, and next target would be at 0.9900 zone. Support is at 0.9630, only break below this level could trigger another fall towards 0.9200.

For long term analysis, USDCAD had formed a cycle bottom at 0.9444 on weekly chart. Further rise to 1.0100 area to reach next cycle top is possible.

usdcad daily chart
usdcad weekly chart