USDCAD Analysis – March 17, 2012

USDCAD moves sideways in a range between 0.9841 and 1.0050, as long as 1.0050 resistance holds, downtrend could be expected to resume, and one more fall to 0.9600-0.9700 area is still possible. On the upside, a break above 1.0050 will indicate that the fall from 1.0422 had completed at 0.9841 already, then the following upward movement could bring price to 1.0400 area.

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