USDCAD Analysis – February 23, 2013

USDCAD broke above 1.0100 resistance and reaches as high as 1.0256, suggesting that the uptrend from 0.9815 has resumed. Further rise could be expected after a minor consolidation, and next target would be at 1.0400 area. Support is at 1.0150, as long as this level holds, the uptrend will continue.

For long term analysis, USDCAD had formed a cycle bottom at 0.9632 (Sep 14, 2012 low) on weekly chart. Further rise to 1.0500 area could be expected over the next several weeks.

usdcad daily chart
usdcad weekly chart