USDCAD Analysis. Jan 9, 2008

USDCAD may be forming a cycle bottom at 0.9756 on daily chart, key resistance is at 1.0248, a break of this level will confirm the cycle bottom, and further rally towards 1.0800 area is expected. Near term support is at 0.9756, only breakdown below this level will indicate lengthier correction to the up trend.

For long term analysis, the pair formed a long term cycle bottom at 0.9056 on weekly chart. Consolidation in a range between 0.9056 and 1.0750 can be seen in the next several months.

usdcad daily chart