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USDCAD : Might Revive the Bearish Trend if Continues to Decline

USDCAD : Daily Chart

USDCAD declining below the key support at 1.0903 and most probably will find the next support from the rising support trend line. The 100 day SMA and 200 day SMA are also contracting towards each other signaling a change in trend and we might see the pair decline below the rising support trend line if the 100 day SMA crosses below the 200 day SMA. Breaking below the rising support trend line will revive the bearish trend on the pair.After the release of downbeat US jobless claims data and upbeat Canadian New Housing Price Index Data US Dollar weakened against Canadian Dollar.

Official data showed that the individuals filing initial jobless claims in the week ending August 9 increased by 21K to 311K from the previous week’s revised reading of 290K and higher than the economist’s expectation for an increase to 307K. 

A separate report showed that the New Housing Price Index (NHPI) rose .2$ in June, slightly up from the .1% gain in May and in line with the economist’s expectations. As seen on the chart above, the indicator is showing growth in the housing sector because rising house prices attract investors and spur industry activity.