USDCAD Analysis – Jun 11, 2008

USDCAD is testing 1.0326 previous high resistance. Consolidation would more likely be seen before breaking above this level. Up trend will resume after consolidation and rise to 1.0750 is expected to follow. Key support is at 0.9818, only break of this level will turn price back to 0.9550 area.

For long term analysis, USDCAD is forming a long term cycle bottom at 0.9818 level on weekly chart. Key resistance is located at 1.0326, a break of this level will confirm the cycle bottom.

usdcad daily chart