USD/CAD Short Term Outlook

FX:USDCAD   U.S. Dollar / Canadian Dollar
254 0 1
USD/CAD             has made a low of 1.2420 and recovered from that level. It confirms that USD/CAD             has formed temporary bottom around 1.2360 and bullish invalidation can happen only below 1.2350.

On the upside major resistance is around 1.2560 and break above will extend gains to 1.2600/1.26965.

On the downside break below 1.2540 will target 1.2480/1.2420.

It is good to buy at dips around 1.2540 for the target of 1.2600/1.2696.

Indicators (1 Hours chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy

Recommendation: Buy USD/CAD             around 1.2540, SL 1.2480, Targets 1.2600/1.2696.

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