USDCAD’s upward movement from 0.9632 extends to as high as 0.9993. Further rise is still possible after consolidation, and next target would be at 1.0100 area. Support is at 0.9800, only break below this level could trigger another fall towards 0.9500.
For long term analysis, USDCAD had 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.
