USD/CAD has taken support at 1.24473 (trend line joining 1.2364 and 1.23914) and recovered from that that level. Short term trend is bullish as long as support 1.2550 holds.
On the downside any break below 1.2550 will drag the pair further down till 1.2480/1.2440.
The pair is facing resistance around ichimoku cloud top (1.2696) and any indicative break above would extend gains till 1.2797/1.2835.
Indicators (4 Hours Chart)
CCI (50) - Buy
CCI (14) - Sell
CCI (14)-Sell
Recommendation: Buy USD/CAD around 1.2650, SL 1.2545, Targets 1.2835/1.2900.
On the downside any break below 1.2550 will drag the pair further down till 1.2480/1.2440.
The pair is facing resistance around ichimoku cloud top (1.2696) and any indicative break above would extend gains till 1.2797/1.2835.
Indicators (4 Hours Chart)
CCI (50) - Buy
CCI (14) - Sell
CCI (14)-Sell
Recommendation: Buy USD/CAD around 1.2650, SL 1.2545, Targets 1.2835/1.2900.