USDCAD Analysis – Apr 16, 2008

USDCAD pulled back from the price channel resistance and is forming a cycle top at 1.0326 on daily chart. Further fall to test 0.9709 previous low support is possible after correction, and a break of 1.0018 level will confirm such case. 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.

usdcad daily chart