USDCAD Analysis – Nov 15, 2008

USDCAD’s rebound extends to as high as 1.2445 level. Further rally is still possible to 1.2800 zone. However, pullback would more likely be seen before breaking above 1.3015 previous high. Initial support is now at 1.2095, a break down below this level will take price back to retest 1.1464 support.

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