USDCAD Analysis – May 22, 2010

USDCAD’s bounce from 0.9930 extends to as high as 1.0749 level. Further rally is still possible next week and next target would be at 0.0850-1.0900 area. Support is now at 1.0425 followed by the rising trend line from 0.9930 to 1.0110.

For long term analysis, USDCAD has formed a cycle bottom at 0.9930 level on weekly chart. Range trading between 0.9930 and 1.0900 would more likely be seen in next several weeks.

usdcad daily chart