USDCAD Analysis – March 10, 2012

USDCAD remains in downtrend from 1.0422, and the fall extended to as low as 0.9841. As long as 1.0050 key resistance holds, the price action in the trading range between 0.9841 and 1.0050 is treated as consolidation of the downtrend, and one more fall to 0.9600-0.9700 area is still possible, only break above 1.0050 could signal completion of the downtrend.

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

usdcad daily chart