Sasha Singh
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USDCAD : Following a Downtrend Channel

USDCAD remain unaffected by the strong US economic data. The pair continued to follow downtrend. On the hourly the pair seems like trading in a channel pattern. The pair broke the key support at 1.1070 and fell down. 

On the 4 hour chart we can see the next support the pair may find is at 1.10376. We could expect the pair to go up from this support line and break the resistance trend line.Stochastic Oscillator is also giving signal that the pair is on oversold zone and might reverse the downtrend anytime soon.

Will be looking at the next key support area if the pair breaks the resistance trend line, it would be a good entry to open a long position.