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Intraday bias - Bearish
USDCAD formed a temporary top around 1.30788 and started to decline despite the hawkish Fed rate hike. Markets eye Canada's CPI data for further direction. Technically in the hourly chart, the pair is holding above the short-term (21- and 55 EMA) and below the long-term moving average of 200 MA (1.2870). Any close below that level of 1.2870 confirms a bearish continuation. A dip to 1.2800/1.2760 is possible USDCAD hits an intraday low of 1.29129 and is currently trading around 1.29162.
The near-term resistance is around 1.2950, any breach above targets 1.3000/1.3080.
Indicators (Hourly chart)
CCI (50)- Bullish
ADX- Bullish
It is good to sell on rallies around 1.2948-50 with SL around 1.3000 for TP of 1.2800.
