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USDCAD : Proves that the Pair is Still Supported

USDCAD : Daily Chart

US dollar declined a little against Canadian dollar after finding resistance at 1.1256 but it again strengthened today finding support from the rising support trend line. The pair still seems supported as even if it declines form current support trend line, it will again find support from another rising support trend line. Currently it seems like the pair is following a rising channel trend. The gains came after the Statistics Canada showed that the number of new buildings permits issued dropped by 27.3% in August worse than the economist’s expectations for a decline of 6.5%.

USDCAD : 4 Hour Chart

USDCAD on the 4 hour chart is still above the rising support trend line of the rising channel. The pattern of the moving averages is also such that the 50 day SMA is above the 100 day SMA and 100 day SMA is above the 200 day SMA and all of them are heading upward signaling an uptrend continuation.