USDCAD Analysis – Sep 6, 2008

USDCAD is in consolidation to up trend. Pullback towards 1.0500 to reach next cycle bottom on daily chart is possible next week. Key support is at 1.0410, as long as this level holds, we’d expect up trend to resume, and further rise towards 1.1200 could be seen after consolidation. However, a break of 1.0776 level is needed to confirm the resumption of up trend.

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