USDCAD Analysis – Jul 26, 2008

As expected, USDCAD formed a cycle bottom at 0.9974 on daily chart. Further rise could be seen to test 1.0238 resistance, a break of this level will signal further rise towards the long term key resistance at 1.0378 (Jan 22 high). Initial support is at 0.9974, only fall below this level will take price back to 0.9900 area.

For long term analysis, USDCAD is forming a long term cycle bottom at 0.9818 level on weekly chart. Key resistance is located at 1.0322, a break of this level will confirm the cycle bottom.

usdcad daily chart