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USDCAD : Extending Losses on 4 Hour Chart

USDCAD : Daily Chart

USDCAD remain supported on the daily chart although it declined a little after the upbeat Canadian data released and US jobless claims data missed the economist’s expectations. On the daily chart, the pair is currently testing the support from the rising support trend line and might rise above it. However if it declines from this support level, there is another support at 1.1259 which will prevent the pair in declining further. The trend continues to be uptrend until it decline below the lower support trend line.

USDCAD : 4 Hour Chart

On the 4 hour chart, the pair seems to be following a downward sloping channel trend and therefore might decline to the support trend line of the channel. The 200 day SMA could provide some support however trend seems to be bearish now for a while. To convert this bearish trend to bullish the pair has to break above the falling channel.