USDCAD Analysis – Jun 28, 2008

USDCAD formed a cycle top at 1.0322 level on daily chart. Sideways consolidation between 1.0000 and 1.0322 would could be seen in a couple of weeks. However, a break above 1.0322 level will indicate that long term up trend has resumed and further rise to 1.1000 area is expected to follow.

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