USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9600-0.9700 area is still possible. One the other side, a break above 1.0050 resistance will indicate that the fall from 1.0422 has completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.
Daily Forex Analysis
