USDCAD Analysis – Sep 27, 2008

USDCAD traded in a narrow range between 1.0297 and 1.0397 for several days. Deeper decline is still possible. However, rebound towards 1.0650 zone would more likely be seen next week, and a break of 1.0410 level will confirm such case.

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