Sasha Singh
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Will USDCAD continue to rise or reverse its trend?

USDCAD is trading at multi year highs and we can expect further hike as US dollar continues to gather momentum because of the economic growth. Canadian GDP data also came out which showed that the real GDP grew .2% in November in line with the analysts expectation of .2%. Canadian dollar is under pressure and may continue to decline in future as well because of the strong growth in US. However if we see 4 hour chart of USDCAD we can see a rising wedge on the chart which shows a bearish pattern that signals that USDCAD is likely to head in a downward direction. The downfall could also be for short term.