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Short

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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