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USDCAD : Found Support After Weak Canadian Data

USDCAD was trading within a downward sloping channel in the 4 hour chart. After a decline the pair today found some support from the support trend line of the channel and from the missed economic data of Canada which weakened Canadian Dollar and strengthened US dollar a little. However US dollar is still trading near seven week low against Canadian dollar as Friday’s U.S. nonfarm payrolls report continues to weigh. Statistics Canada reported that building permits in Canada dropped by 11.6% in February. Economists were expecting a decline of 3%.

On the 4 hour chart, we can see a channel trend within which the pair is trading. The pair should surge from the support trend line and move up to the resistance trend line of the channel. However further movement would be driven by tomorrow’s FOMC meeting minutes.