USDCAD stays in a trading range between 0.9841 and 1.0050. Lengthier sideways movement in the range would likely be seen over the next several days. 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 0.9700-0.9800 area is still possible after consolidation. On the other side, a break above 1.0050 will confirm that the downtrend had completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.

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