USDCAD Analysis – October 22, 2011

USDCAD remains in downtrend from 1.0656, and the fall extended to 1.0043. Further fall could be seen next week, and next target would be at 0.9800-0.9900 area. Resistance is at 1.0270, as long as this level holds, downtrend will continue.

For long term analysis, USDCAD has formed a cycle top at 1.0656 on weekly chart. Further fall towards 0.9406 previous low could be seen in next several weeks.

usdcad daily chart