USDCAD Analysis – May 11, 2008

USDCAD traded in range between 0.9987 and 1.0326. Break below 0.9987 level would more likely be seen in the next few days. Key resistance is now located at 1.0326, 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