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Significant Resistance - 1.2760
USDCAD gained sharply despite upbeat Canadian retail sales. It rose by 0.1% in Mar compared to an estimated -0.40%. Core Retail sales grew by 2.1% MoM vs 0.4%. Hawkish comments from the fed Chairman and surging inflation support the US dollar at lower levels. The policy divergence between the US fed and the Bank of Canada is putting pressure on Loonie at higher levels. USDCAD hits an intraday high of 1.27500 and currently trading around 1.27261.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) 1.26240 in the daily chart.
ADX- Neutral
CCI (50) above zero line in the daily chart.
Resistance to be watched- 1.2760, 1.2800, and 1.2850.
Support- 1.2660, 1.2600, and 1.2500.
It is good to buy on dips around 1.2700 with SL around 1.2660 for a TP of 1.2800.
