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USDCAD : Still Within Consolidation Triangle,Bullish Trend Continue to Dominate

USDCAD : 4 Hour Chart

USDCAD fluctuating within a symmetrical triangle on the 4 hour chart and continue to consolidate. The pair surged yesterday from the rising support trend line after the Fed cut its stimulus program by another $10 billion and planning to end it in October but it was not able to break above the falling resistance trend line and thus declined. Now the pair is testing the key support at 1.0946 and most probably it will break out from the resistance trend line. Today also couple of US data released which were mixed. In all Job data came to be strong however the housing data missed the economist’s expectations.

USDCAD : Daily Chart

On the daily chart, the pair is following a rising channel and as the moving average are signaling it will continue to follow this uptrend. The 50 day SMA is moving towards the 200 day SMA and might cross above it. Accordingly the pair should rise from the rising support trend line and again break above the resistance at 1.0987.