USDCAD Analysis – Jan 17, 2009

USDCAD continues to move sideways between 1.1761 and 1.3015. Further rise is still possible to 1.2900 next week, and pullback would more likely be seen before breaking above 1.3015 previous high resistance.

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