USDCAD Analysis – April 21, 2012

USDCAD stays in a trading range between 0.9841 and 1.0051. As long as 1.0051 key resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0523, and another fall to 0.9600-0.9700 area to complete the downward movement is possible.

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