USD/CAD Short Term Outlook

FX:USDCAD   U.S. Dollar / Canadian Dollar
USD/CAD has recovered after making low of 1.17300. Overall trend is bullish as long as support 1.17950 (23.6% retracement of 1.1559 to 1.18725).
On the downside any break below will take the pair to 1.1750/1.1730.
The pair’s minor resistance is around 1.18725 and any indicative break above will take the pair to 1.1960 (161.8% retracement of 1.18725 and 1.1730).

Indicator (4 Hour Chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Neutral

Recommendation: Buy USD/CAD around 1.18400, SL 1.17950, Target 1.1960.


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