The pair's back and filling within its established consolidation zone(1.0027-0.9724) suggests its lack of directional moves. In order for this occur, a break either below the 0.9724 level or the 1.0027 level will have to happen. If the latter occurs, USDCAD will resume its strength towards the 1.0056 level, its Jan 31'2011 high with a break targeting the 1.0207 level, its Dec 20'2011 high. Above here will call for more strength towards the 1.0372 level. On the downside, the risk to this analysis will be a turn back lower below the 0.9724 level, its Aug 31'2011 low. If this occurs, it will open the door for more declines towards its July 18'2011 high at 0.9631 followed by the 0.9404 level with a violation of there turning threat towards the 0.9300 level.
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