Sasha Singh
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USDCAD : 50 day SMA Might Push the Pair Down

USDCAD is trying to break the resistance of sideways pattern on the 4 hour chart. The 50 day SMA and 100 day SMA are also contracting towards each other showing that if the 50 day SMA crosses the 100 day SMA to move down, the downtrend will pick momentum and it will continue to fall. Also 50 day SMA seems like acting as resistance for the pair. Investors are also waiting for the U.S. ISM Non-Manufacturing PMI which is due for release at 10:00 AM EDT.