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Candlestick- Shooting star
Significant Resistance - 1.3080
USDCAD showed a profit booking after a seven-week of the bullish trend. The pair performed very well in the past two months on board-based US dollar buying. The minor weakness in crude oil prices also puts pressure on the Canadian dollar. US Producer price cools off to 11% in Apr over the past year compared to a previous month of 11.5% on declining crude oil prices. USDCAD hits a low of 1.29919 and currently trading around 1.29980.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) 1.2850 in the 4-hour chart.
ADX- Neutral
CCI (50) above zero line in the 8-hour chart.
Resistance to be watched- 1.3040, 1.308, and 1.3135.
Support- 1.2980, 1.2900, and 1.2840.
It is good to sell on rallies around 1.3018-20 with SL around 1.3080 for a TP of 1.2850.
