Sasha Singh
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USDCAD : Showing a Bearish Move But Still Above the Key Support at 1.0812

US dollar is trading lower today against Canadian Dollar and declined from the resistance at 1.0865 which earlier acted as support for the pair. The pair extended losses after the release of upbeat Canadian economic growth data which supported the demand for Canadian dollar. According to the report the gross domestic product expanded by .3% in June better than the economist’s expectation for a growth by .2%. The upbeat Chicago PMI data and Consumer Sentiment report from US didn’t provide much support to the pair and didn’t help it in trimming losses. According to the report the Chicago PMI rose to 64.3 from 52.6 in July beating the economist’s expectation for a rise to 56.8 and the Consumer Sentiment Index rose to 82.5 form the reading of 79.2 in July beating the economist’s expectation for an increase to 80.2.

USDCAD : 4 Hour Chart

On the 4 hour chart, the pair extended losses by breaking below the key support at 1.0829 and the next support level in focus is at 1.0794. If the pair declines below the support at 1.0794 will confirm a bearish trend on the pair.

USDCAD : Daily Chart

On the daily chart, the pair seems a little bearish as the pair was facing support from the rising support trend line and it has now broken below it. There are chances that the pair may revive from the key support at 1.0812 which provided support to the pair previously also. 50 day SMA also seems like acting as support to the pair.