FxWirePro

USD/CAD Short term Outlook

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
1
Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1468
Kijun-Sen level: 1.1443
Ichimoku cloud top: 1.1377
Ichimoku cloud bottom: 1.1343

USD/CAD has formed triple top around 1.1500 and any further buying can be seen only above that level. In 4 hours chart it has also formed bearish divergence and further selling is expected in coming days.
The pair’s minor support is around 1.1425 and any break of will target 1.13850/1.1360 in short term. The break of temporary top 1.1500 will target 1.1545.

Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell

Recommendation: Sell USD/CAD around 1.14520-50, SL 1.1505, Targets 1.13850/1.1360.