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FxWirePro- USDCAD Intraday trade Idea

Intraday bias - Bullish

 

USDCAD gained sharply after forming a temporary bottom at 1.25177. Technically in the hourly chart, the pair is holding above the short term (21- and 55 EMA) and long term moving average of 200 MA (1.26042). Any close below that level of 1.2600 confirms a bearish continuation. A dip to 1.2540/1.2500 is possible  USDCAD hits an intraday low of 1.26897 and is currently trading around 1.26865.

 

The near-term resistance is around 1.2720, any breach below targets 1.2785/1.28488.

 

Indicators (Hourly chart)

 

CCI (50)- Bullish

 

ADX- Bullish

 

It is good to buy on dips around 1.2650 with SL around 1.2600 for TP of 1.2780.

 

 

 

 

 

 

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