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Short

USD/CAD Short term outlook

FX:USDCAD   U.S. Dollar/Canadian Dollar
178 0 0
USD/CAD             is trading slightly weak (well below Tenken-Sen and Kijun-Sen) and is expected to reach till 1.2350 in short term.

On the downside any break below 1.2350 will confirm bullish invalidation and reach till 1.2305 (50% Fibonacci retracement of 1.1803-1.2799) and 1.2250 in short term.

The pair’s short term resistance is around 1.2460 and any break above will target 1.2490/1.2550.

Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell USD/CAD             around 1.2425, SL 1.2490, Target 1.2360/1.2305.
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