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Intraday bias - Bearish
USDCAD is trading weak for the fourth consecutive day on board-based US dollar selling. The Canadian dollar performed well against all majors after a surprise 100 bpbs hawkish rate hike by the Bank of Canada. Technically in the 4 -Hour chart, the pair is holding below the short-term ( 21- EMA), 55- EMA, and above the long-term moving average of 200 EMA (1.29178). Any close below 1.2850 confirms the intraday bearish trend. A dip to 1.2800/1.2740 is possible. USDCAD hits a low of 1.28554 and is currently trading around 1.28650.
WTI crude oil price shown a gap down opening on recession worries. Any break below $98.20 confirms further bearishness.
The near-term resistance is around 1.2900, any breach above targets 1.2928/1.2965/1.3000.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 1.2900 with SL around 1.2950 for TP of 1.2800.
