USD/CAD – Technical Analysis

After almost reaching its resistance at 1.1260, the USDCAD started dropping at the turn of the month. Its highest trading price came in at 1.1220 this month; however market forces pushed it back down. On a monthly chart the USDCAD pair appears to be on the rise after its fall in 2011, as its trend shows it should stabilize between its resistance and support at 1.0820. Since its bullish capacity kicked in, the currency pair grew 1823 pips. According to a daily chart however, the USDCAD looks like it could be on the verge of a downfall.