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Intraday bias - Bullish
USDCAD regained above 1.3000 on board-based US dollar buying. The massive sell-off in crude oil prices also puts pressure on the Canadian dollar.US dollar index breaks significant resistance at 105.78 and hits a 19-year high on recession fears. Technically in the 4 -Hour chart, the pair is holding below the short-term (55 EMA, and 21- EMA), above the long-term moving average of 200 EMA (1.28491). Any violation below 1.300 confirms the intraday bearish trend. A dip to 1.2940/1.29150 is possible. USDCAD hits an intraday high of 1.3055 and is currently trading around 1.30514.
WTI crude oil price dropped below $100 on recession risks. Any breach below $97.50 confirms further bearishness.
The near-term resistance is around 1.30850, any breach above targets 1.3150/1.3200.
Indicators (4 Hour chart)
CCI (50)- Bullish
ADX- bullish
It is good to buy on dips around 1.3000 with SL around 1.2945 for TP of 1.3150.
