USDCAD is facing 0.9824 support, a breakdown below this level will signal resumption of the downtrend from 1.0055, then further decline towards 0.9500 could be seen. Resistance is now at 0.9970, only break above this level could trigger another another rise towards 1.0200.
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.
