USDCAD Analysis – August 13, 2011

USDCAD is forming a cycle top at 1.0009 on daily chart. Key support is at 0.9765, a breakdown below this level will confirm the cycle top, then deeper decline towards 1.9406 previous low could be seen. Resistance is at 1.0009, only break above this level could trigger another rise towards 1.0200 zone.

For long term analysis, USDCAD is in consolidation of downtrend from 1.0852. Sideways movement in a range between 0.9406 and 1.0200 would likely be seen.

usdcad daily chart