USDCAD Analysis – Oct 1, 2008

USDCAD rebounds sharply from 1.0297 and formed a cycle bottom on daily chart. Further rise above 1.0819 previous high is still possible in next several days. Long term key support is now located at 1.0297, a break below this level will indicate that the up trend from 0.9818 (May 21 low) has completed, and deeper decline could be seen to 0.9900 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