Following are expected trading ranges and outlook for USD/CAD today:

USD/CAD - to consolidate after hitting three-month low of 0.9922 yesterday. Undermined by improved investor risk appetite, firmer commodity & oil prices (Nymex crude settled up $1.13 yesterday at $99.83/bbl). But USD/CAD downside limited by CAD sales on buoyant EUR/CAD cross; positions adjustment before weekend.

Data focus: 1330 GMT Canada December international merchandise trade.

USD/CAD daily chart still negative-biased as 5- & 15-day moving averages falling; MACD bearish, while stochastics stay suppressed at oversold.

Support at 0.9922 (yesterday's low), then at 0.9910 (Oct. 31 low); breach would expose downside to 0.9888 (Oct. 27 swing low), then 0.9776 (Sept. 19 reaction low).

Resistance at 0.9979 (yesterday's high), then at 0.9990-0.9994 band (Wednesday's high-Tuesday's high) and 1.0033 (Feb. 3 high); breach would target 1.0048-1.0053 band (Feb. 1 high-Jan. 31 high), then 1.0070 (Jan. 30 high), 1.0147 (Jan. 25 high), 1.0162 (Jan. 23 high) and 1.0177-1.0188 band (Jan. 18 high-Jan. 17 high).