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Significant Resistance - 1.2850
USDCAD gained more than 300 pips from its low of 1.2580. The demand for safe-haven assets on an escalation of tension between Russia and Ukraine is supporting the US dollar at lower levels. The further upside can be prevented due to a surge in oil prices.WTI crude oil price jumped more than 40% last week as a sanction on Russia will affect supply. Loonie hits an intraday high of 1.28317 and currently trading around 1.28211.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) in the daily chart.
ADX- Neutral
CCI (50) above zero line in the 4-hour chart.
Resistance to be watched- 1.2850, 1.2900, and 1.2950.
Support- 1.2550, 1.2500, and 1.2400.
It is good to buy on dips around 1.2780 with SL around 1.2750 for a TP of 1.2900.
