USDCAD Analysis. Feb 2, 2008

USDCAD is in consolidation to the up trend. The fall from 1.0378 extended to as low as 0.9871. Further fall towards 0.9756 previous low to complete the consolidation is expected. Key support is at 0.9756, only breakdown below this level will indicate lengthier correction to the up trend.

For long term analysis, the pair formed a long term cycle bottom at 0.9056 on weekly chart. Consolidation in a range between 0.9056 and 1.0750 can be seen in the next several months.

usdcad daily chart