USDCAD moved sideways in a trading range

USDCAD moved sideways in a trading range between 1.0619 and 1.0696. As long as 1.0696 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0960, another fall to 1.0500 area could be expected. On the upside, a break above 1.0696 resistance will indicate that the downward movement from 1.0960 had completed at 1.0619 already, then further rise to 1.0780 area could be seen.

usdcad chart

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