USDCAD Analysis – May 16, 2010

USDCAD formed a cycle top at 1.0735 level on daily chart. Range trading between 1.0110 and 1.0500 would more likely be seen next week. Support is at 1.0110, below this level could indicate that that downtrend from 1.0735 has resumed, then deeper decline could be seen to re-test 0.9930 previous low support.

For long term analysis, USDCAD has formed a cycle bottom at 0.9930 level on weekly chart. Range trading between 0.9930 and 1.0735 would more likely be seen in next several weeks.

usdcad daily chart