USDCAD Analysis – Aug 16, 2008

USDCAD is in up trend and the fall from 1.0727 is treated as consolidation to up trend. Further pullback to 1.0500 is still possible next week. However, as long as 1.0500 level holds, we’d expect up trend to resume, and one more rise towards 1.1000 is still possible after consolidation.

For long term analysis, USDCAD formed a long term cycle bottom at 0.9818 level on weekly chart. Further rise towards 1.1000 to reach next cycle top is still in favor.

usdcad daily chart