USDCAD Analysis – Oct 25, 2008

USDCAD’s up trend from 1.0297 extends sharply to as high as 1.2839 level. Further rise is expected in a couple of weeks and near term target would be at 1.3500 zone. Initial support is now at 1.2300, only break down below this level will signal consolidation to up trend.

For long term analysis, USDCAD is in bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is possible.

usdcad daily chart