USDCAD Analysis – Sep 20, 2008

As expected, USDCAD pulled back to 1.0429 level and is testing 1.0410 support. As long as 1.0410 level holds, we’d expect up trend to resume and rise towards 1.1400 is possible after consolidation. However, a break below 1.0410 support will signal deeper decline towards 1.0000 zone.

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

usdcad daily chart