USDCAD Analysis – March 10, 2013

USDCAD remains in uptrend from 0.9815, the fall from 1.0341 is likely consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 1.0500 area. Support is at 1.0200, only break below this level could signal completion of the uptrend.

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