Description
⋅ Positioning Bias:
Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1300
Kijun-Sen level: 1.1326
Ichimoku cloud top: 1.1341
Ichimoku cloud bottom: 1.1362
USD/CAD made a low of 1.1259 and recovered from that level.
Overall trend is bullish as long as support 1.1220 holds.
The break below 1.1220 will target 1.1180/1.1160 in the short term.
The pair's major resistance is around 1.1400 and any indicative break above would extend gain to 1.1465 Nov 5th high)/1.1500.
Minor resistances are at 1.133/1.136.
Recommendation: Buy USD/CAD around 1.1285, SL 1.1220, Target 1.150.