USDCAD stays in a trading range
March 12, 2013 4:18 am in Forex Analysis
USDCAD stays in a trading range between 1.0216 and 1.0341. Support is at 1.0216, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.9932, another rise to 1.0400 area could be expected after consolidation. On the downside, a breakdown below 1.0216 will indicate that lengthier consolidation of the longer term uptrend from 0.9815 (Jan 11 low) is underway, then deeper decline to 1.0150 area could be seen.