FxWirePro- USDCAD Daily Outlook

Intraday bias - Bullish

USDCAD has broken trend line resistance and holds well above that level. The recession risks and surge in inflation support the US dollar at lower levels. US dollar index continues to gain and hits the highest level since Oct 2002. Any surge above 107.78 confirms a bullish continuation, a jump to 109/110 is possible. Technically in the 4 -Hour chart, the pair is holding below the short-term( 21- EMA), above 55- EMA, and the long-term moving average of 200 EMA (1.28814). Any violation below 1.300 confirms the intraday bearish trend. A dip to 1.2960/1.2920 is possible. USDCAD hits an intraday high of 1.30396 and is currently trading around 1.30369.

WTI crude oil price pared some of its gains made the previous week on recession worries. Any breach above $105.20 confirms further bullishness.

The near-term resistance is around 1.3050, any breach above targets 1.3085/1.3150.

Indicators (4 Hour chart)

CCI (50)- Bullish

ADX- bullish

It is good to buy on dips around 1.3000 with SL around 1.2960 for TP of 1.3085/1.310.