USDCAD Analysis – February 16, 2013

USDCAD stays in a trading range between 0.9932 and 1.0100. As long as 1.0100 resistance holds, another fall could be expected, and a breakdown below 0.9932 support will conform that the upward movement from 0.9632 has completed at 1.0100 already, then the following downward movement could bring price to 0.9500 zone. Only break above 1.0100 will indicate that the pair remains in uptrend from 0.9815, and the target would be at 1.0200 zone.

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