Short Term Analysis - Apr 23, 2008

USDCAD formed a short term cycle bottom at 0.9987 level. However, the rise from 0.9987 is treated as consolidation to the down trend. Further fall to test 0.9709 (Feb 28 low) support is still possible after consolidation, and a break of 0.9987 level will signal the resumption of the down trend.