Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1319
Kijun-Sen level: 1.1364
Ichimoku cloud top: 1.1387
Ichimoku cloud bottom: 1.1293
USD/CAD made a low of 1.1280 and has recovered from that level. Overall trend is bearish as long as major resistance 1.14007 holds.
The pair is facing minor resistance around 1.1360 (Oct 12th high) and any indicative break would extend gain to 1.14007/1.14655.
USD/CAD minor support is around 1.1280. On the downside break below will target 1.1190/1.1160/1.1121 (Oct 29th low).
Recommendation: Sell USD/CAD around 1.1350, SL 1.4017, Target 1.11210.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1319
Kijun-Sen level: 1.1364
Ichimoku cloud top: 1.1387
Ichimoku cloud bottom: 1.1293
USD/CAD made a low of 1.1280 and has recovered from that level. Overall trend is bearish as long as major resistance 1.14007 holds.
The pair is facing minor resistance around 1.1360 (Oct 12th high) and any indicative break would extend gain to 1.14007/1.14655.
USD/CAD minor support is around 1.1280. On the downside break below will target 1.1190/1.1160/1.1121 (Oct 29th low).
Recommendation: Sell USD/CAD around 1.1350, SL 1.4017, Target 1.11210.