USDCAD Analysis – Jul 16, 2008

As expected, USDCAD broke below 1.0048 support and reached as low as 0.9974 level. Further fall is still possible to 0.9900 area. Key resistance is at 1.0238, a break of this level will indicate that the fall from 1.0322 has completed and up trend has resumed.

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