USDCAD Analysis – March 24, 2012

USDCAD stays in a range between 0.9841 and 1.0050. the price action in the range is treated as consolidation of the downtrend from 1.0523, and another fall to 0.9600-0.9700 area is is possible. On the upside, a break above 1.0050 will signal completion of the downtrend, then further rise towards 1.0400 could be seen.

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