USDCAD Analysis – Sep 14, 2008

As expected, USDCAD pulled back from 1.0819 level. Further fall could be seen to 1.0500 zone in a couple of days. As long as 1.0410 support holds, we’d expect up trend to resume, and rise towards 1.1200 could be seen after consolidation.

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