Sasha Singh
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USDCAD : Declined Today But Still Supported by Rising Support Trend Line

USDCAD : Hourly Chart

USDCAD was earlier testing the key support at 1.1060 or the rising support trend line on the hourly chart from which it just broke down. Also seems like the 50 day SMA was acting as support for the pair. The break down below the rising support trend line might show some bearish bias on the pair.The next nearest support pair may find is at 1.1028 if it continues to decline. However the bearish trend on the pair will not be confirmed until the pair declines below the 200 day SMA.

USDCAD : 4 Hour Chart

Let's insert Fibonacci Retrenchment on the 4 hour chart. The pair will most probably find support from the 23.6 pivot level it it continued to decline. the moving averages are heading in the same upward direction.However there also seems a rising wedge pattern according to which the pair might decline below the rising support trend line of the wedge. The pair will continue to follow the uptrend if it does not decline below the rising support trend line.