USDCAD Analysis – Feb 21, 2009

USDCAD has reaches the upper border of the triangle pattern. Pullback would more likely be seen and target would be at 1.1850-900 area. However, a break below 1.2280 level is needed to confirm such case. Initial resistance is now at 1.2670 followed by 1.2765, above 1.2765 resistance will signal further rally to test 1.3015 long term 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