USDCAD Analysis – Oct 22, 2008

USDCAD breaks above 1.2123 previous high resistance and reaches as high as 1.2207 level. Further rise is still possible to 1.2400 zone. However, the rise from 1.1304 is treated as a part of consolidation started from 1.2123, pullback towards 1.1500 zone could be seen in next several days.

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