USD/CAD Short term outlook

FX:USDCAD   U.S. Dollar / Canadian Dollar
250 0
USD/CAD has broken short term support around 1.2435 ( trend line joining 1.23505 and 1.2376) and decline till 1.2350 cannot be ruled out.

On the downside major support is 1.2350 and break below will target 1.2240/1.2205.

It is facing short term resistance around 1.2540 and any short term trend reversal only above that level. Break above will take the pair to 1.2600/1.2640.

Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) - Sell
Ichimoku- Sell

Recommendation: Sell USD/CAD around 1.2430, SL 1.2505, Targets 1.2355/1.2250.


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