USDCAD Analysis – April 1, 2012

USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. Lengthier consolidation in the range is still possible in a couple of weeks. As long as 1.0050 key resistance holds, downtrend from 1.0523 could be expected to resume, and one more fall to 0.9600-0.9700 area is 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