USDCAD Analysis – December 12, 2009

USDCAD has consolidated in a range between 1.0405 and 1.0852 for several weeks. Another fall below 1.0206 previous low would more likely be seen after consolidation. Resistance is at 1.0852, only rise above this level could signal further rally towards 1.1200 area.

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

usdcad daily chart