USDCAD breaks below 0.9824 support and reaches as low as 0.9815, suggesting that the downtrend from 1.0055 has resumed. Further decline could be expected next week, and next target would be at 0.9700 area. Resistance is at 0.9890, only break above this level will indicate that lengthier consolidation of the downtrend from 1.0055 is underway, then further rise to 0.9950 area to complete the consolidation could be seen.
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.
