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Intraday bias - Bearish
USDCAD trades weak for a third consecutive day on board-based US dollar weakness. The weak economic data and high inflation could prevent aggressive rate hikes by Fed. Higher oil prices boost the Canadian dollar higher. Technically in the 4- hour chart, the pair is holding below the short-term (21- and 55 EMA) and above the long-term moving average of 200 EMA (1.282414). Any break below 1.2800 confirms a bearish continuation. A dip to 1.2778/1.2700 is possible. USDCAD hits an intraday low of 1.28238 and is currently trading around 1.28432.
The near-term resistance is around 1.2878, any breach above targets 1.2920/1.2955/1.3000/ 1.3080.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 1.2848-50 with SL around 1.2900 for TP of 1.2700.
