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Long

USD/CAD Short term Outlook

FX:USDCAD   U.S. Dollar/Canadian Dollar
156 1 2
USD/CAD             has taken support near 1.25075 (20 day 4HMA) and slightly recovered till 1.2610 from that level. Overall trend is bullish as long as support 1.2500 holds.

Canadian job market are expected to shed 500 jobs compared to 1000 in previous week. The unemployment rate is expected to be at 6.9% compared to 6.8%.

On the downside any break below 1.2500 will take the pair further down till 1.2480/1.2420.

The pair’s minor resistance is around 1.2620 and any break above would extend gains till 1.2650/ /1.27080 in short term.

Indicators (4 Hour chart)

CCI (50) - Buy

CCI (14) – Buy

CCI (14) - Buy

Recommendation: Buy USD/CAD             around 1.2560, SL 1.2500, Target 1.2700.





GriffinMuchina
2 years ago
is the USDCAD properly supported?! i think, around 1.23792 may be the strongest support. so iam still bearish. what do you think?
Reply
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