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USDCAD : Investors turning to Greenback Amid Geopolitical Risk

USDCAD : Daily Chart

USDCAD showed some surge amid the geopolitical tensions in Ukraine and Middle East. Investors are now turning to safe havens. In USDCAD investors are preferring greenback. However the gains seems limited as 50 day SMA has crossed below the 200 day SMA signaling that the pair will continue to follow the downtrend. There is also a falling resistance trend line which will prevent the pair going up above it. Before this the pair will face resistance from the previous support at 1.0834. So overall the gains seems limited for the pair. However if the tensions remain for a long time the pair reverse the trend and surge more.

US and Europe are accusing Russia for the increasing tensions and threatened to impose new sanctions against Moscow raising concern over the global growth.

USDCAD : 4 Hour Chart

On the Daily Chart, the 50 day and 200 day SMA are contracting towards each other signaling a continuation of uptrend but i would prefer waiting for the crossover for the confirmation.