Sasha Singh
0
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

USDCAD : Trimming Gains But Still Seems Supported

USDCAD : 4 Hour Chart

USDCAD fell down after finding resistance from the previous resistance level at 1.0982. The pair earlier broke out from the resistance at 1.0947 giving a bullish signal. However this resistance would now be acting as support for the pair. Breaking below this support, the pair may find the next nearest support at 1.0935. Overall the pair seems support as there is a rising support trend line which will prevent the pair moving down below it.Upbeat US data is not a driving factor for US dollar today. Seems like investors are locking gains ahead of the Yellen's speech tomorrow.

USDCAD : Daily Chart

On the daily chart, the pair continues to consolidate within an ascending triangle pattern. So even after declining the pair should find support from the rising support trend line as I mentioned above. Breaking above the resistance at 1.0984 will open the door for next resistance level at 1.1043.