USDCAD Analysis – April 6, 2013

USDCAD remains in downtrend from 1.0341, the rise from 1.0105 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0000 area. Resistance is at 1.0250, as long as this level holds, the downtrend will continue.

For long term analysis, USDCAD may be forming a cycle top at 1.0341 on weekly chart. Further decline towards 0.9500 could be expected over the next sever weeks.

usdcad daily chart