USDCAD Analysis – Feb 1, 2009

USDCAD formed a cycle top at 1.2765 level on daily chart. Consolidation in a range between 1.1761 and 1.2765 is now in favor in a couple of weeks. Long term key resistance is located at 1.3015, a break above this level will signal the resumption of the long term uptrend from 0.9056 (Nov 7, 2007 low).

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