USDCAD breaks below 0.9799 support, and reaches as low as 0.9765. Further decline could be expected over the next several days, and next target would be at 0.9600 area. Key resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.
For long term analysis, USDCAD has formed a cycle top at 1.0445 on weekly chart. Further decline towards 0.9406 (Jul 26, 2011 low) would likely be seen over the next several months.
