USDCAD Analysis – Aug 6, 2008

USDCAD broke above 1.0378 (Jan 22 high) long term resistance and reached to 1.0451 level. Further rise towards 1.0750 level is still possible in next several days. Initial support is at 1.0320 and followed by 1.0200 level. As long as 1.0200 level holds, we’d expect up trend to continue.

For long term analysis, USDCAD broke above 1.0322 key resistance and formed a long term cycle bottom at 0.9818 level on weekly chart. Further rise towards 1.0750 to reach next cycle top is now in favor.

usdcad daily chart

usdcad weekly chart