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Short

USD/CAD Short Term Outlook

FX:USDCAD   U.S. Dollar/Canadian Dollar
198 2 1
USD/CAD             has broken short term support 1.2600 after release of weaker than expected US ISM manufacturing index.

On the downside minor support is around 1.2600 and any break below will target 1.2525/1.2490.

Overall trend reversal can happen only below 1.2378.

The pair’s short term resistance is around 1.2680 and any indicative break above would extend gains to 1.2715/1.2814 (200% projection of 1.0181 to 1.1278 from 1.0620).

Indicators (60 Min chart)
CCI (50) - Sell
CCI (14) - Buy
Ichimoku- Neutral

Recommendation: Sell USD/CAD             around 1.2625-30, SL 1.2680, Targets 1.2540/1.2491.


Hooray! TP hit :)
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go higher before collapse?
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