USDCAD remains in consolidation of downtrend

USDCAD remains in consolidation of the downtrend from 1.0422 (Dec 14, 2011 high). Lengthier sideways movement in the range between 0.9841 and 1.0050 would likely be seen in a couple of days. Support is at 0.9841, a breakdown below this level could signal resumption of the downtrend, then next target would be at 0.9700-0.9800 area. Only break above 1.0050 could indicate that the fall from 1.0422 had completed.

usdcad

Daily Forex Forecast

CategoriesUncategorized