USDCAD Analysis – May 26, 2012

USDCAD continues its upward movement from 0.9799, and the rise extends to as high as 1.0311. Further rise could be seen next week, and next target would be at 1.0400 area. Key support is at 1.0200, only break below this level could signal completion of the uptrend.

For long term analysis, USDCAD has formed a cycle bottom at 0.9799 on weekly chart. Further rise towards 1.0400 is expected over the next several weeks.

usdcad daily chart