Sasha Singh
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Long Term View on USDCAD

USDCAD is surging today after the upbeat US job data however downbeat trade balance report from Canada also dampened the demand of Canadian dollar.

USDCAD : Monthly Chart

On the monthly chart, the pair seems like following a rising wedge pattern which gives a bearish signal so may be in coming months the pair might decline below the rising support trend line of the wedge. 100 day SMA also seems like providing support to the pair. However if the pair breaks above the resistance trend line, the bearish signal from rising wedge will fade away and it will continue to follow the uptrend.

USDCAD : Weekly Chart

On the weekly chart, the pair is currently testing the key resistance at 1.1220 and there also seems a rising support trend line. According to the current trend and fundamentals the pair will break out from this resistance.