USDCAD Analysis – Aug 13, 2008

USDCAD’s up trend remains and the rise from 0.9974 extended to 1.0727 level. Further rise towards 1.1000 is still possible next week. Initial support is now located at 1.0550, as long as this 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 1.1000 to reach next cycle top is now in favor.

usdcad daily chart