Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- USDCAD Intraday Trade Idea

Intraday trend- Bearish

 

Significant support- 1.3580

 

USDCAD halted its two days of losing streak and showed a minor pullback.  The Canadian dollar gained momentum after upbeat retail sales. It rose 1.4% in Jan, compared to a forecast of 0.70%. The intraday trend is still bearish as long as resistance 1.3750 holds. The minor pullback in WTI Crude oil prices also putting pressure at higher levels. Technically in the 4-hour chart, the pair is holding below short-term (21- and 55 EMA) and 200 EMA (1.36301). Any break below 1.3580 will take the pair to 13530/1.3470. USDCAD hits an intraday high of 1.36165 and is currently trading around 1.36071.

 

The near-term resistance is around 1.3630, and any breach above targets is 1.3680/1.3750.

 

Indicators (4 Hour chart)

 

CCI (50)- Bearish

 

ADX- neutral

 

It is good to sell on rallies around 1.3628-30 with SL around 1.3670 for a TP of 1.3530.

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.