USDCAD Analysis – August 24, 2013

USDCAD’s upward movement from 1.0245 extends to as high as 1.0568. Further rise to test 1.0608 resistance is possible next week, a break of this level will signal resumption of the longer term uptrend from 0.9632 (Sep 14, 2012 low), then next target would be at 1.0750 area. However, as long as 1.0608 resistance holds, the rise from 1.0245 would possibly be correction of the downtrend from 1.0608, another fall toward 1.0000 is still possible.

usdcad daily chart