USDCAD breaks below 0.9960 support, suggesting that a cycle top has been formed at 1.0100 on daily chart. Further decline could be expected, and next target would be at 0.9850 area. Resistance levels are at 1.0030 and 1.0100, only break above these levels could trigger another rise to 1.0200 zone.
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.
