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Intraday bias - Bearish
USDCAD pared some of its gains made in the US session yesterday after the dovish Fed rate hike. The central bank increased interest rates by 75 bpbs for a second consecutive month. Fed chairman Powell said that "and not provide the kind of clear guidance that we had provided" on future forward guidance. Technically in the 4 -hour chart, the pair is holding below short-term (21- EMA), 55- EMA, and the long-term moving average of 200 EMA (1.29026). Any violation above 1.2840 confirms the intraday bullish trend. A jump to 1.2865/1.2900/1.2945/1.300.is possible. USDCAD hits a low of 1.27949 at the time of writing and is currently trading around 1.28074.
WTI crude oil price gained more than 44 on the weak US dollar. Any break above $100 confirms further bullishness.
The near-term support is around 1.2780, any breach below targets 1.2720/1.2680/1.2600.
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.
