USDCAD Analysis – Oct 30, 2008

USDCAD drops sharply from 1.3015 and reaches as low as 1.2073 level. The fall is treated as correction to long term up trend. Deeper decline could be seen to 1.1500 zone. Key resistance is located at 1.3015, only rise above this level will signal resumption of long term up trend.

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

usdcad daily chart