Sasha Singh
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USDCAD : Bearish Trend Remain Intact

USDCAD today is declining reaching session lows after the Canadian Statistics showed that the Retail Sales rose at a faster rate than expected by the economists in the month of May. The Retail Sales edged up by .7% in May better than the economist’s expectations for an increase of .6% gain. However the demand for US dollar remain supported as investors are expecting an increase in interest sooner than expected thus the pair found support at 1.0704 and again rose. 

USDCAD : 4 Hour Chart

Seems like the pair is consolidating within a descending triangle signaling a downtrend. The pair has fallen down below the 50 day SMA 200 day SMA. Now the direction of 50 day SMA will decide the trend on the chart. If the 50 day SMA crosses above the 200 day SMA, pair might reverse the downtrend to uptrend. However if the 50 day SMA continue to decline below the 200 day SMA, bearish trend will also continue and the pair might decline below the 100 day SMA confirming the bearish trend on the pair.

USDCAD : Daily Chart

On the daily chart, the pair seems like following a downward sloping channel trend. So we might see the pair extending some gains. The current trend on daily chart is confirming a bearish trend unless the pair breaks the falling resistance trend line of the channel and rise.