USDCAD Analysis – March 13, 2010

USDCAD broke below 1.0206 previous low, suggesting that the long term downtrend from 1.3063 (Mar 9, 2009) has resumed. Further decline is expected next week and next target would be at 1.0000 area. Resistance is at 1.0320, as long as this level holds, downtrend from 1.0779 could be expected to continue.

For long term analysis, USDCAD is in downtrend from 1.3063 (Mar 9, 2009), deeper decline to 0.9500 is possible in next several weeks.

usdcad daily chart