USDCAD Analysis – Sep 24, 2008

USDCAD broke below 1.0410 support. Further pullback is still possible to 1.0200 zone. Initial resistance is at 1.0515, as long as this level holds, we’d expect down trend to continue. However, a break of 1.0515 level will take price back towards 1.0650 level.

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