USDCAD broke below the upward trend line on daily chart, suggesting that the uptrend from 0.9632 has completed at 1.0055 already. Further decline could be expected, and next target would be at 0.9800 area. Resistance is now at 0.9950, only break above this level could trigger another rise towards 1.0100.
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.
