USDCAD Analysis – August 7, 2010

After touching 1.0138 support, USDCAD bounced from 1.0107, suggesting that a cycle bottom is being formed on daily chart. Key resistance is now at 1.0395, a break above this level will confirm the cycle bottom, then rise towards 1.0678 resistance could be seen.

For long term analysis, USDCAD formed a cycle top at 1.0852 level on weekly chart. Rang trading between 0.9930 and 1.0852 would more likely be seen in next several weeks.

usdcad daily chart