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Significant Resistance - 1.2620
USDCAD regained sharply after the Fed Chairman's speech. He signaled that the central bank is likely to raise rates by 50 bpbs next month and continues to hike further till inflation cools. The US treasury yields surged after hawkish Fed comments. Markets eye Canadian retail sales data for further movement. The policy divergence between the US fed and the Bank of Canada is putting pressure on Loonie at higher levels. USDCAD hits an intraday high of 1.26076 and currently trading around 1.25910.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and below long-term ( 200 MA) 1.26110 in the 4-hour chart.
ADX- Bullish
CCI (50) above zero line in the 4-hour chart.
Resistance to be watched- 1.2620, 1.2660, and 1.2700.
Support- 1.2560, 1.2500, and 1.2400.
It is good to buy on dips around 1.2578-80 with SL around 1.2520 for a TP of 1.2750.
