Sasha Singh
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USDCAD : Upbeat Canadian Inflation Data Weighing

USDCAD : Daily Chart

US dollar declines against Canadian dollar today as upbeat Inflation data from Canada weighs on the pair. The official data showed that the consumer price inflation remained flat in August compared to the economist’s expectations for a .1% downside. The core CPI which excludes 8 most volatile items increased .5% last month better than the expected .2% gain. However the pair still remain within the rising channel trend on the daily chart. The pair paused its losses finding support from the rising trend line of the channel. The 50 day SMA also seems like providing support to the pair and preventing it in declining further.

USDCAD : 4 Hour Chart

On the other hand, the pair is following a downward sloping channel trend on the 4 hour chart. It is currently testing the support at 1.0909 however if it continues to decline the next nearest support would be either the falling support trend line or 1.0868.