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USDCAD is testing key resistance of 1.0748

Franco Shao from ForexCycle.com at 12/19/09


USDCAD is testing key resistance of 1.0748, a break above this level will indicate that a cycle bottom has been formed at 1.0405 level on daily chart, then a sharp move towards 1.1000 could be seen to follow. However, as long as 1.0748 level holds, we'd expected downtrend to resume and another fall below 1.0206 is still possible.

For long term analysis, USDCAD is in long term downtrend from 1.3063. Deeper decline towards 1.0000 is expected in next several weeks.

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