USDCAD breaks above the long term key resistance at 1.3015 (Oct 28, 2008 high), signifying that the long term uptrend from 0.9056 (Nov 7, 2007 low) has resumed. Further rise is expected to 1.3500 zone in next several days. Near term support is now located at 1.2709, as long as this level holds, we’d expect the uptrend to continue.
For long term analysis, USDCAD remains in bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.
