USDCAD Analysis – Oct 18, 2008

USDCAD formed a cycle top at 1.2123 on daily chart. Pullback could be seen to 1.1500 level next week and consolidation in a range between 1.1000 and 1.2123 is expected in next several weeks. Key resistance is now located at 1.2123, and this level could be held until resumption of up trend.

For long term analysis, USDCAD is in bullish movement. Further rise towards 1.3500 to reach the next cycle top on monthly chart is possible.

usdcad daily chart