USDCAD formed a cycle top at 1.0215

By IBTimes Staff Reporter | April 20 2010 10:10 PM

USDCAD formed a cycle top at 1.0215 level on 4-hour chart and dropped sharply to as low as 0.9970 level. Deeper decline to test 0.9953 previous low support is still possible later today, a breakdown below this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has resumed, then another fall towards 0.9800 could be seen. However, minor consolidation would more likely be seen before breaking below 0.9953 level.

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