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USD/CAD Short term outlook

FX:USDCAD   U.S. Dollar/Canadian Dollar
144 1 1
USD/CAD             has retreated after making a high of 1.2300. Overall trend is weak as long as 1.2350 holds.

On the downside minor support is around 1.2080 and any break below will drag the pair fuether down till 1.190/1.1800 in short term.

The pair’s short term resistance is around 1.2180 (7 day EMA ) and any break above would extend gains till 1.2218/ 1.2305.

Indicator (4 hour chart)

CCI (50) - Sell

Woodies CCI (14) – Sell

Ichimoku- Sell

It is good to sell on rallies around 1.2180 for the target of 1.1900 with stop around 1.2305.
I decided to short a small position prior to seeing your idea. How did you determine 1.2180 resistance? This looks like it has held so far on the two most recent daily candles.
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