Sasha Singh
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USDCAD : Declining But Still Remain Supported

USDCAD is declining today breaking below the key support at 1.0959. Both Canadian and US Trade Balance report released with readings better than the economists forecast but seems like upbeat Canadian data is weighing on the pair right now. A positive trade data reading shows that more goods and services were exported than imported. The official data showed that Canada's trade surplus with the world widened to $1.9 billion in June. Whereas on the US counterpart the U.S. trade deficit shrank 7% to 41.5 billion in June. Despite the big drop in June, the trade gap showed little change in 2nd quarter.The average 3 month trade deficit is $44.4 billion in June as compared to $44.6 billion in April.

USDCAD : Hourly Chart

On the hourly chart, we can see that the pair declined below the key support at 1.0959 and the next nearest support it will find is at 1.0950. If the pair continues to decline the next support will be at 1.0940. Also there is a rising support trend line on the chart which is showing that the pair is supported. The moving averages heading in the upward direction are also signaling an upward continuation.

USDCAD : 4 Hour Chart

On the 4 hour chart, the pair should find support from the rising support trend line and not decline further.