USDCAD is forming a cycle top at 0.9973 level on daily chart. Key support is at 0.9667, a breakdown below this level will confirm the cycle top, then another fall towards 0.9500 could be seen. Resistance is at 0.9973, above this level will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0100 zone.
For long term analysis, USDCAD’s long term downtrend has resumed. Further fall towards 0.9000 is expected in next several months.
