USDCAD Analysis – April 28, 2012

USDCAD breaks below 0.9841 support and reaches as low as 0.9799, suggesting that the downtrend from 1.0523 has resumed. Further decline could be seen next week, and next target would be at 0.9600-0.9700 area. Key resistance is at 1.0051, only break above this level could signal completion of the downtrend.

For long term analysis, USDCAD is in correction of uptrend from 0.9406, another rise to 1.1500 would likely be seen after correction.

usdcad daily chart