USDCAD’s fall from 1.0028 extends to as low as 0.9892. Lengthier sideways movement in a range between 0.9841 and 1.0050 is expected in a couple of days. As long as 1.0050 key resistance holds, the price action in the trading range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and another fall towards 0.9700-0.9800 area is still possible. On the upside, a break above 1.0050 will indicate that the downtrend has completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.
