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Intraday bias - Bullish
USDCAD regained above 1.2900 on board-based US dollar buying. US dollar index gained sharply despite weak US GDP data. It shrinks by 1.6% in the first quarter of 2022 compared to a forecast of -1.5%. Markets eye the US PCE price index and personal income for further direction. The minor sell-off in oil prices also pushes the pair further higher. Technically in the 4 -Hour chart, the pair is holding below the short-term (55 EMA), above 21- EMA, and above the long-term moving average of 200 EMA (1.28296). Any violation below 1.2860 confirms a bearish continuation. A dip to 1.2820/1.2778/1.2700 is possible. USDCAD hits an intraday high of 1.29185 and is currently trading around 1.29088.
The near-term resistance is around 1.2920, any breach above targets 1.2955/1.3000/ 1.3080.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to buy on dips around 1.2880 with SL around 1.2820 for TP of 1.3000.
