USD/CAD is trading slightly weak (well below Tenken-Sen and Kijun-Sen) and is expected to reach till 1.2350 in short term.
On the downside any break below 1.2350 will confirm bullish invalidation and reach till 1.2305 (50% Fibonacci retracement of 1.1803-1.2799) and 1.2250 in short term.
The pair’s short term resistance is around 1.2460 and any break above will target 1.2490/1.2550.
Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell USD/CAD around 1.2425, SL 1.2490, Target 1.2360/1.2305.
On the downside any break below 1.2350 will confirm bullish invalidation and reach till 1.2305 (50% Fibonacci retracement of 1.1803-1.2799) and 1.2250 in short term.
The pair’s short term resistance is around 1.2460 and any break above will target 1.2490/1.2550.
Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell USD/CAD around 1.2425, SL 1.2490, Target 1.2360/1.2305.