USDCAD continues in range trading between 1.0784 and 1.0971. The price action in the trading range is treated as consolidation of the downtrend from 1.1814. Deeper decline could be expected after consolidation, a break down below 1.0784 level will indicate that the downtrend has resumed and the next target would be at 1.0600 zone. Initial resistance is at the falling trend line from 1.1814 to 1.1257, key resistance is at 1.0971, as long as this level holds, downtrend will continue.
