USDCAD Analysis – March 3, 2013

USDCAD’s upward movement from 0.9932 extends to as high as 1.0341. Further rise could be expected after a minor consolidation, and next target would be at 1.0500 area. Support is at 1.0200, only break below this level will indicate that consolidation of the uptrend from 0.9815 is underway, then pullback to 1.0150 area could be seen.

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