USDCAD Analysis – August 15, 2010

USDCAD had formed a cycle bottom at 1.0107 level on daily chart. Further rally is expected in next several days and next target would be at 1.0600-1.0700 area. Support is at 1.0350 followed by 1.0280, as long as these levels hold, uptrend from 1.0107 will continue.

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