USDCAD Analysis – May 3, 2008

USDCAD traded in range between 0.9987 and 1.0326. Further rise is possible to retest resistance of the down trend line from 1.0378 to 1.0326. Key resistance is now located at 1.0326, as long as this resistance hold, we’d expect down trend to resume, 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 still in favor.

usdcad daily chart