Sasha Singh
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USDCAD Remain Supported

USDCAD didn’t show significant movement after US and Canadian GDP reports. Seems like Investors didn’t much attention to the data to trade this pair and are looking for FOMC statement coming out at 2:00 PM EDT. US dollar is currently trading lower across the market after the missed GDP report but is higher against Canadian Dollar. In Canada, data showed that the economy grew by .2% in February in line with the expectations after a .5% growth in the previous month.

On the 4 hour chart, we can see that the pair remain supported by 1.0950 key support level and rose to find resistance at 1.0974. Most probably the pair should come down from this resistance level, however it might break this resistance level after the FOMC statement. If it breaks this resistance the next resistance level pair should find at 1.0992.