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Intraday bias - Bullish
USDCAD gained sharply yesterday on dollar strength. US dollar index hits 20-year high on hopes of aggressive rate hikes by Fed. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Jun increased to 95.3% from 3.1 % a week ago. Technically in the 4-hour chart, the pair is holding above the short-term (21- and 55 EMA) and long-term moving average of 200 MA (1.2790). Any close below 1.2860 confirms intraday bearishness. A dip to 1.2800/1.2730/1.2680 is possible. USDCAD hits an intraday low of 1.29210 and is currently trading around 1.29163.
The near-term resistance is around 1.2928 any breach above targets 1.2960/1.3000.
Indicators (4- Hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 1.2880 with SL around 1.2850 for TP of 1.2965.
