Sasha Singh
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USDCAD : Previous Support Acting as Resistance

USDCAD found some support from the support trend line of the triangle after the major downfall. Currently the pair seems like trading within a symmetrical triangle on the hourly chart and could breakout from any of the support or resistance trend line. Also seems like 1.1004 which was earlier acting as a support for the pair is now acting as a resistance for the pair. Breaking this level might give some bullish momentum to the pair and it might also break the resistance trend line of the triangle. If not the pair will fall till it find support from the support trend line of the triangle. From the stochastic oscillator, the pair seems bearish and should fall from the resistance at 1.1004.