USDCAD Analysis – Aug 2, 2008

USDCAD’s up trend from 0.9974 extends further to as high as 1.0296 level. Further rise towards the long term key resistance at 1.0378 (Jan 22 high) is still in favor. Initial support is at 1.0150 only fall below this level will take price back to test 0.9974 previous low support.

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