USD/CAD has recovered after making a low of 1.2596. Intraday trend is bullish as long as support 1.2630 (55 day Hourly EMA) holds.
On the downside any break below 1.2630 will take the pair further down till 1.2580/1.2540 ins short term.
The pair is facing strong resistance around 1.2705 and break above could pave way for next target 1.2790/1.2833 (161.8% retracement of 1.26620 and 1.23864).
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/CAD around 1.2685, SL 1.2630, Targets 1.2790/1.2830.
On the downside any break below 1.2630 will take the pair further down till 1.2580/1.2540 ins short term.
The pair is facing strong resistance around 1.2705 and break above could pave way for next target 1.2790/1.2833 (161.8% retracement of 1.26620 and 1.23864).
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/CAD around 1.2685, SL 1.2630, Targets 1.2790/1.2830.