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USDCAD : Upbeat US data Continue to Support US Dollar

USDCAD : Daily Chart

USDCAD today rose above the falling resistance trend line of the downward sloping channel which was resisting the pair to move above it since a long time. The gains were added after today's upbeat US durable goods data. The gains although seems limited as the 50 day SMA continue to move down crossing below the 200 day SMA. 100 day SMA is also contracting towards the 200 day SMA signaling the continuation of downtrend. There is an immediate resistance at 1.0818 which might again pull down the pair but the upbeat US data might support the pair and help it in surging above this resistance. A surge above the 100 day SMA will only rebuild the bullish trend on the chart.

If the pair breaks the resistance at 1.0818 and rise, the next resistance it will find is at 1.0880. In my opinion the pair will continue to be supported and might rise further until next FOMC statement coming out on Wednesday ( 30 July ) next week.