USDCAD Analysis. Feb 6, 2008

USDCAD is in consolidation to the up trend, and the consolidation might be completed at 0.9871 level, further rebound towards 1.0378 is now in favor, and a break above 1.0118 level will confirm such case. 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