USDCAD Analysis – Jan 24, 2009

USDCAD pulled back from 1.2765 and formed a cycle top on daily chart. Further fall could be seen to 1.1900 zone in next several days. Initial resistance is at 1.2765, only rise above this level will signal further rally to test 1.3015 key resistance.

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

usdcad daily chart