USDCAD Analysis – January 23, 2010

Being contained by 1.0206 previous low support, USDCAD bounced sharply from 1.0224, suggesting that a cycle bottom had been formed on daily chart. Further rally to test 1.0748 resistance is expected next week.

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