USDCAD Analysis – Sep 3, 2008

USDCAD breaks above 1.0727 previous high resistance, suggesting that the long term up trend is underway. Further rise towards 1.1200 is expected after consolidation. Initial support is at 1.0410, as long as this support holds, up trend will continue.

For long term analysis, USDCAD is in bullish movement. Further rise towards 1.1400 to reach the next cycle top on monthly chart is now in favor.

usdcad daily chart

usdcad weekly chart