USDCAD Analysis – July 2, 2011

USDCAD broke below 0.9669 key support, and reached as low as 0.9580, suggesting that a cycle top had been form at 0.9912 on daily chart, and the rise from 0.9444 had completed. Deeper decline towards 0.9444 previous low support could be seen in a couple of weeks, a breakdown below this level will indicate that the long term downtrend from 1.0852 (2010 high) has resumed, then next target would be at 0.9000 area.

For long term analysis, USDCAD is forming a cycle top at 0.9912 on weekly chart. Further fall to 0.9000 area to reach next cycle bottom is expected.

usdcad daily chart
usdcad weekly chart