Sasha Singh
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USDCAD : Bullish Trend Continues to Support US Dollar, Losses Seems Limited

USDCAD : 4 hour Chart

USDCAD found resistance at 1.0958 which earlier provided support to the pair, however the losses for US dollar mainly came after the release of Canadian Wholesale data which was higher for a third consecutive month in June. Official data showed that the Wholesale sales rose by .6% to C$53 billion in June beating the economist’s expectation for an increase by .4%. Although there is a decline after the report, US dollar continues to be supported because of the series of recent strong data.

On the 4 hour chart, we can see the previous resistance at 1.0939 may now be acting as support to the pair. However if it continues to decline then also it may find support from 50 day SMA or 100 day SMA or from the rising support trend line. So in all the pair still seems supported and the losses would be limited.

USDCAD : Daily Chart

Now if looking at the daily chart, the pair is testing the resistance at 1.0958 which is the key resistance and breaking which will push the pair up to the another resistance at 1.1002. The rising support trend line continues to support the pair and therefore overall the trend seems to be bullish.