USDCAD Analysis – December 15, 2012

USDCAD’s downward movement from 1.0055 extends to as low as 0.9824. Further decline could be seen after a minor consolidation, and next target would be at 0.9700 area. Resistance is at 0.9900, as long as this level holds, the downtrend will continue.

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