USD/CAD has broken short term support around 1.2435 (trend line joining 1.23505 and 1.2376) and decline till 1.2350 cannot be ruled out.
On the downside major support is 1.2350 and break below will target 1.2240/1.2205.
It is facing short term resistance around 1.2540 and any short term trend reversal only above that level. Break above will take the pair to 1.2600/1.2640.
Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell USD/CAD around 1.2430, SL 1.2505, Targets 1.2355/1.2250.
On the downside major support is 1.2350 and break below will target 1.2240/1.2205.
It is facing short term resistance around 1.2540 and any short term trend reversal only above that level. Break above will take the pair to 1.2600/1.2640.
Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell USD/CAD around 1.2430, SL 1.2505, Targets 1.2355/1.2250.