USDCAD Analysis – May 5, 2012

USDCAD has formed a cycle bottom at 0.9799 on daily chart. Further rally to test 1.0051 key resistance would likely be seen next week, a break above this level will indicate that the downtrend from 1.0523 has completed, then the following upward movement could bring price to 1.0400 area. Support is at 0.9799, only break above this level could trigger another fall to 0.9700 zone.

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