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Significant Support - 1.2450
USDCAD trades lower for the second consecutive day and lost more than 150 pips on board-based Canadian dollar buying. It was one the best performers against the US dollar as Crude oil prices surged to $129.42 due to Russia and Ukraine wars. Loonie hits an intraday low of 1.24524 and currently trading around 1.24554.
US Factory orders' dropped to -0.5% in Feb, the first time in 10 months. Markets eye US ISM services PMI for further direction.
Technical:
USDCAD is holding below short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) in the daily chart.
ADX- Bearish
CCI (50) below zero line in the daily chart.
Resistance to be watched- 1.2550, 1.2600, and 1.2660.
Support- 1.2450, 1.2400, and 1.2360.
It is good to sell on rallies around 1.2478-80 with SL around 1.255 for a TP of 1.2360.
