USDCAD Analysis – Aug 24, 2008

USDCAD broke below 1.0543 key support, suggest that a cycle top has been formed at 1.0727 level on daily chart. Pullback to retest 0.9974 level is expected. Initial resistance is at 1.0727, only rise above this level could signal further rally towards 1.1000 level.

For long term analysis, USDCAD might be forming a cycle top at 1.0727 on weekly chart. Long term key support is at 0.9818, a break below this level will signal further decline towards 0.9056 (Nov 2007 low).

usdcad daily chart

usdcad weekly chart