Sasha Singh
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USDCAD moving cautiously

USDCAD lost some ground and fell back from its multi-year highs. On the 1 hour chart of USDCAD we could see the bullish trend but the pair reversed the trend and plunged. However the 50 day moving average crossed the 100 day moving average and moved upward giving again bullish signal. The pair is cautiously trading today because of the FOMC meeting. However keeping in mind the expectations for a further $10 billion tapering could see a surge in USDCAD but it also depends on the tone and changes in forward guidance. Currently the pair found support at 1.1105 and moved upward. If the pair breaks 1.1186 level we could see the pair surging up to 1.1226 which was mid 2009 high. Breaking the current support, the pair may find the next support levels at 1.1084 or 1.1055.