Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1300
Kijun-Sen level: 1.1326
Ichimoku cloud top: 1.1341
Ichimoku cloud bottom: 1.1362
USD/CAD made a low of 1.12591 (near lower Bollinger band) and has recovered above the 1.3230 (20 day HMA). Overall trend is slightly positive and technical bounce till 1.1400 cannot be ruled out.
The pair is facing major intraday support at 1.13150 and intraday weakness can be seen only below that level. The minor resistance is around 1.136 and break above will target 1.13850/1.1400.
Recommendation: Buy USD/CAD around 1.13350, SL 1.13148, Target 1.13850/1.1400
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 1.1300
Kijun-Sen level: 1.1326
Ichimoku cloud top: 1.1341
Ichimoku cloud bottom: 1.1362
USD/CAD made a low of 1.12591 (near lower Bollinger band) and has recovered above the 1.3230 (20 day HMA). Overall trend is slightly positive and technical bounce till 1.1400 cannot be ruled out.
The pair is facing major intraday support at 1.13150 and intraday weakness can be seen only below that level. The minor resistance is around 1.136 and break above will target 1.13850/1.1400.
Recommendation: Buy USD/CAD around 1.13350, SL 1.13148, Target 1.13850/1.1400