USDCAD Analysis – March 6, 2010

USDCAD is facing the previous low support at 1.0224, a breakdown below this level will indicate that the long term downtrend from 1.3063 (Mar 9, 2009) has resumed, then next target would be at 1.000 area. On the other side, a cycle bottom could be formed above 1.0224, a break above 1.0400 level could take price back to range trading between 1.0206 and 1.0852.

For long term analysis, USDCAD had formed a cycle bottom at 1.0206 level on weekly chart. Range trading between 1.0206 and 1.0852 would more likely be seen in next several weeks.

usdcad daily chart