USD/CAD has taken support near 1.2425 and slightly recovered from that level. Overall trend is bullish as long as support 1.2400 holds.
On the downside any break below 1.2400 will take the pair further down till 1.2350.
The pair’s minor resistance is around 1.2515 and any break above would extend gains till 1.2579 (200 day 4HMA)/1.2650 in short term.
Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
CCI (14) - Neutral
Recommendation: Buy USD/CAD around 1.2450, SL 1.2400, Targets 1.2510/1.2575.
On the downside any break below 1.2400 will take the pair further down till 1.2350.
The pair’s minor resistance is around 1.2515 and any break above would extend gains till 1.2579 (200 day 4HMA)/1.2650 in short term.
Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
CCI (14) - Neutral
Recommendation: Buy USD/CAD around 1.2450, SL 1.2400, Targets 1.2510/1.2575.