USDCAD Analysis – October 20, 2012

USDCAD breaks above 0.9884 resistance, and reaches as high as 0.9938. Further rise could likely be seen in a couple of weeks, and next target would be at 1.0000 area. Key support is at 0.9735, only break below this level could indicate that the upward movement from 0.9632 has completed.

For long term analysis, USDCAD had formed a cycle top at 1.0445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.

usdcad daily chart