USDCAD Analysis – Oct 4, 2008

USDCAD breaks above 1.0819 previous high resistance and reaches as high as 1.0842 level. Further rise is still possible to 1.1000 zone next week. Near term support is located at 1.0630, as long as this level holds, we;d expect up trend to continue.

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