USDCAD remains in downtrend from 1.3063. Deeper decline is expected to test 1.1761 previous low support next week. A break below this level will signal further fall to 1.1600 zone. Initial resistance is now at the falling trend line from 1.3063 to 1.2504, as long as the trend line resistance holds, we’d expect the downtrend to continue.
For long term analysis, USDCAD remains in long term uptrend and the price action from 1.3015 (Oct 28, 2008 high) is treated as consolidation of the uptrend. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.
