Sasha Singh
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US Dollar Steady Against Canadian Dollar, No Sign of Bearishness

USDCAD : Hourly Chart

USDCAD seems steady on the hourly chart although US dollar little changed against other major counterparts after the release of Durable goods orders and Unemployment claims report. The pair continues to trade within the rising channel trend on the hourly chart and it is currently testing the key resistance at 1.1120. The trend remain bullish on the chart and we will see that the pair extending gains above the resistance at 1.1120. The moving averages are heading upward signaling uptrend continuation.

USDCAD : Daily Chart

On the daily chart also there is a rising channel trend and is currently trading near the resistance trend line. The 50 day SMA is contracting towards the 200 day SMA signaling that the pair will continue to follow uptrend. There is now sign of bearishness right now on the chart. Some losses may come if the pair again decline form the resistance trend line but the rising support trend line will also continue to support and prevent the pair in declining below it. However the nearest support it will find is at 1.0986 if it declines.