USD/CAD has broken major support 1.2530 (200 day 4Hour EMA) and declined till 1.2426. Short term trend is still weak as long as support 1.2559 holds
On the upside minor resistance is around 1.2560 and short term trend reversal can happen only above that level. Break above 1.2560 could pave way for 1.2615/1.2665.
The pair’s minor support is around 1.2480 and any break below 1.2440/1.2400.
Indicators (4 hours Chart)
CCI (50) - Sell
CCI (14) – Sell
CCI (14) - Sell
Recommendation: Sell USD/CAD around 1.2490, SL 1.2560, Targets 1.2420/1.2400.
On the upside minor resistance is around 1.2560 and short term trend reversal can happen only above that level. Break above 1.2560 could pave way for 1.2615/1.2665.
The pair’s minor support is around 1.2480 and any break below 1.2440/1.2400.
Indicators (4 hours Chart)
CCI (50) - Sell
CCI (14) – Sell
CCI (14) - Sell
Recommendation: Sell USD/CAD around 1.2490, SL 1.2560, Targets 1.2420/1.2400.