USD/CAD has slightly declined after making high of 1.18405 after making low of 1.5591. Medium term trend is bullish as long as support 1.1550 (23.6% retracement of 1.16724 and 1.11211) holds.
The break below 1.1550 will take the pair to 1.1462/1.1400.
Long term trend reversal -1.1390.
On the upside break of 1.16724 would extend gain to 1.1886 (100% Fibonacci projection of 1.06195 to 1.13842 from 1.11211) /1.200 in the medium term.
Indicators (Daily chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/CAD around 1.775, SL 1.155, Target 1.200.
The break below 1.1550 will take the pair to 1.1462/1.1400.
Long term trend reversal -1.1390.
On the upside break of 1.16724 would extend gain to 1.1886 (100% Fibonacci projection of 1.06195 to 1.13842 from 1.11211) /1.200 in the medium term.
Indicators (Daily chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/CAD around 1.775, SL 1.155, Target 1.200.