Sasha Singh
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USDCAD : Key Resistance at 1.0973 Again in Focus

USDCAD rising today after the release of downbeat Employment Change Data from Statistics Canada. Concerns over tensions in Iraq and Ukraine also currently supporting the demand of US dollar. U.S. President Barack Obama yesterday authorized air strikes in Ira to prevent a potential act of genocide. A separate report by Statistics Canada showed that the number of employed people rose by 200 last month missing the economist’s expectations for an increase of 20000 after a 9400 decline in June.

USDCAD : 4 Hour Chart

On the 4 hour chart, the pair seems like found support from the rising support trend line after the release of the Employment report from Canada. Also seems like 50 day SMA is also acting as support from the pair. The pair should find resistance at 1.0973 and decline again towards the rising support trend line.

USDCAD : Daily Chart

However if looking at the daily chart, we can see that the pair is currently testing the key resistance from which the pair declined previously also. If the pair is able to rise above this resistance the next nearest would be at 1.1042 and if it declines the nearest support it will find at 1.0876.