USDCAD Analysis – Dec 13, 2008

USDCAD fails to test 1.2125 support and rebounds from 1.2158. The pair might be forming a cycle bottom at 1.2158 level on daily chart. Further rise to retest 1.3015 is now in favor. Initial support is at 1.2125, below this level will signal deeper decline towards 1.1600 zone.

For long term analysis, USDCAD remains in bullish movement, and the fall from 1.3015 is treated as consolidation to long term up trend. Further rise towards 1.4000 to reach the next cycle top on monthly chart is possible.

usdcad daily chart