Sasha Singh
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USDCAD : Waiting For a Big Move ?

(USDCAD : 4 Hour Chart)

USDCAD is getting ready for a big move by trading within a symmetrical triangle according to which the pair might surge or decline breaking the resistance or support trend line of the triangle respectively. Wholesale sales data from Statistics Canada which came out to be better than expected didn’t provide much support to CAD.  However the bias is towards the downside as 50 day SMA has just crossed below the 100 day SMA signaling a bearish trend. Therefore we can expect the pair to move down breaking the support trend line of the triangle. Investors today must be waiting for the Fed Comments on Interest Rate timings and economic projection which will bring some changes in US Dollar pairs depending on the Dovish or Hawkish tone.