USDCAD Analysis – October 8, 2011

USDCAD has formed a cycle top at 1.0656 on daily chart. Consolidation of uptrend from 0.9406 could be seen in a couple of weeks, and the trading range would be between 1.0200 and 1.0656. Key resistance is now at 1.0656, only break above this level could signal resumption of uptrend.

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