No changed in our view, USDCAD traded in range between 1.0405 and 1.0748 for several weeks. Lengthier consolidation in range is still possible in a couple of day. Another fall towards 1.0206 (Oct 15 low) previous low would more likely be seen after consolidation and a breakdown below 1.0405 will confirm resumption of downtrend.

20091215_usdcad_1