USDCAD Analysis – October 1, 2011

USDCAD continued its upward movement from 0.9406, and the rise extended to as high as 1.0502. Further rise is still possible next week, and next target would be at 1.0700 area. Support is now at 1.0300 followed by 1.0140, only break below these levels could indicate that the rise from 0.9406 is complete.

For long term analysis, USDCAD is in uptrend from 0.9406. Further rise towards 1.1500 could be seen in next several months.

usdcad daily chart