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USDCAD : Broke Above Downtrend Channel Resistance

USDCAD posted some gains after the release of upbeat US jobless claims data. The pair was earlier trading within a downward sloping channel but broke out from the resistance trend line of the channel after the release of the report. The initial jobless claims in the week ending April 4 fell by 32K to a seasonally adjusted 300K beating the economist’s expectation for a decline to 332K. To know more about the report click here.

On the 4 hour chart, the pair have broken the resistance at 1.0909 which was earlier acting as support for the pair. The next resistance the pair will find is at 1.0943.