Sasha Singh
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USDCAD : US dollar Weakened Against CAD But Still Seems Supported

USDCAD today is showing an interesting move on the 4 hour chart as Canadian Manufacturing Sales data and US PPI data released and investors are waiting for the Fed statement for further guidance on future monetary policy actions.

"Official data showed that the Canadian manufacturing sales increased by 2.5% in July beating the economist's expectations for an increase of 1.1%. On the other hand US Producer Price Index for final demand was unchanged in August missing the economist's expectation for an increase of .1%"

USDCAD : 4 Hour Chart

On the 4 hour chart,Canadian dollar found support after the release of the data. The pair was earlier facing support from a rising support trend line from which it broke down today. It also broke down below the support at 1.1028 which earlier also acted as resistance. Now the next support level the pair may find is at 1.1002 or from the next lower rising support trend line. The bullish trend remain intact until the pair declines below the 200 day SMA.

USDCAD : Daily Chart

Now if looking at the daily chart, the pair seems like following a rising channel trend and today declined from the resistance trend line of the channel. It might find support near 1.0982 which was earlier acting as resistance.