Sasha Singh
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USDCAD : Bearish in Short Term But Seems Supported in Long Term

USDCAD : Daily Chart

USDCAD continues to follow the rising channel trend on the daily chart and currently testing the support of the channel. Most probably it should rise from this support level and continue to follow the uptrend. There is another support trend line below the channel which is showing that the pair is supported.

USDCAD : 4 Hour Chart

On the 4 hour chart, the pair seems like following a descending triangle trend which gives a bearish signal and according to which the pair should decline below the key support which it is currently testing at 1.1201. Even if the pair declines from this support level, it will find support as shown on the chart above.

USDCAD : Hourly Chart

On the hourly chart also, the pair is following a descending triangle trend and therefore giving a bearish signal.So the pair is expected to decline below this support level today.But the losses will be limited as the pair still seems supported as seen on the daily chart.