USDCAD Analysis – August 29, 2010

Being contained by 1.0676 resistance, USDCAD dropped back from 1.0666, suggesting that a cycle top is being formed on daily chart. Pullback towards the uptrend line from 1.0107 and 1.0247 would more likely be seen next week. Key resistance is at 1.0676, only break above this level could trigger another rise to 1.0800-1.0850 area.

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