USD/CAD has once taken support around 1.2386 and recovered from that level. This confirms it has formed temporary bottom around 1.2350 and any bullish invalidation can happen only below 1.2350.
On the upside short term resistance is around 1.2540 and break above will target 1.2600/1.2660. the pair’s minor support is around 1.2480 and below could pave way for next target around 1.2420/1.2380.
Indicators (1 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/CAD around 1.2520, SL 1.2470, Targets 1.2600/1.2655.
On the upside short term resistance is around 1.2540 and break above will target 1.2600/1.2660. the pair’s minor support is around 1.2480 and below could pave way for next target around 1.2420/1.2380.
Indicators (1 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/CAD around 1.2520, SL 1.2470, Targets 1.2600/1.2655.