FxWirePro- USDCAD Daily Outlook

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FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USDCAD) for the day)

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FxWirePro- USDCAD Daily Outlook

Thursday, June 30, 2022 10:37 AM UTC

Intraday bias - Bullish

USDCAD regained above 1.2900 on board-based US dollar buying. US dollar index gained sharply despite weak US GDP data. It shrinks by 1.6% in the first quarter of 2022 compared to a forecast of -1.5%. Markets eye the US PCE price index and personal income for further direction. The minor sell-off in oil prices also pushes the pair further higher. Technically in the 4 -Hour chart, the pair is holding below the short-term (55 EMA), above 21- EMA, and above the long-term moving average of 200 EMA (1.28296). Any violation below 1.2860 confirms a bearish continuation. A dip to 1.2820/1.2778/1.2700 is possible. USDCAD hits an intraday high of 1.29185 and is currently trading around 1.29088.

The near-term resistance is around 1.2920, any breach above targets 1.2955/1.3000/ 1.3080.

Indicators (4 Hour chart)

CCI (50)- Bearish

ADX- Neutral

It is good to buy on dips around 1.2880 with SL around 1.2820 for TP of 1.3000.

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