USDCAD Analysis – July 30, 2011

USDCAD is in downtrend from 0.9912, the bounce from 0.9406 is treated as consolidation of downtrend. Range trading between 0.9406 and 0.9650 is possible next week. Support is now at 0.9406, a breakdown below this level could signal resumption of downtrend, then next target would be at 0.9200 zone.

For long term analysis, USDCAD formed 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