USDCAD Analysis. Jan 16, 2008

No changed in our view, USDCAD is testing the previous high resistance at 1.0248 level, break above this level will more likely be seen after consolidation, and further rally towards 1.0750 area is expected to follow. Near term support is at 0.9756, only breakdown below this level will indicate lengthier correction to the up trend.

For long term analysis, the pair formed a long term cycle bottom at 0.9056 on weekly chart. Consolidation in a range between 0.9056 and 1.0750 can be seen in the next several months.

usdcad daily chart