USDCAD Analysis – February 25, 2012

No changed in our view, USDCAD remains in downtrend from 1.0523, the price action in the trading range between 0.9905 and 1.0050 is treated as consolidation of the downtrend. Further fall to 0.9700 is still possible after consolidation. Key resistance is at 1.0050, only break above this level could signal completion of the downtrend.

For long term analysis, USDCAD is in correction of uptrend from 0.9406, further rise to 1.1500 would likely be seen after consolidation.

usdcad daily chart