Candlestick- Shooting star
Significant Resistance - 1.2960
USDCAD halted its seven-week of the bullish trend. The pair was one of the best performers in the past one and half months and surged more than 500 pips on a strong US dollar. The policy divergence between the US fed and the Bank of Canada is putting pressure on the Canadian dollar. The minor sell-off in Crude oil due to the strong US dollar also pushed the pair further up. USDCAD hits a high of 1.30362 and currently trading around 1.29906.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) 1.2850 in the 8-hour chart.
ADX- Bullish
CCI (50) above zero line in the 8-hour chart.
Resistance to be watched- 1.3040, 1.307, and 1.3135.
Support- 1.2900, 1.2840, and 1.2800.
It is good to sell below 1.2980 with SL around 1.3035 for a TP of 1.2900.
