USDCAD Analysis – Apr 5, 2008

USDCAD broke below 1.0094 key support and formed a cycle top at 1.0326 on daily chart. The up trend from 0.9709 has completed and deeper decline to retest 0.9709 support could be seen in a couple of weeks. Key resistance is located at 1.0378, only break of this level will signal the resumption of the long term up trend.

For long term analysis, USDCAD formed a long term cycle top at 1.0378 on weekly chart. Pullback to 0.9650 area to reach the next long term cycle bottom is now in favor.

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usdcad daily chart