FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(CADJPY and USDCHF) for the day
FxWirePro- USDCAD Daily Outlook
Intraday bias - Neutral
USDCAD traded in a narrow range between 1.28190 and 1.29663 for the past three days.US dollar index pared some of its gains after the downbeat US ISM manufacturing index. It has dropped to 53.1 in June vs a forecast of 54.90. The minor pullback in oil prices puts pressure on the pair at higher levels. Technically in the 4 -Hour chart, the pair is holding below the short-term (55 EMA, and 21- EMA), above the long-term moving average of 200 EMA (1.28375). Any violation below 1.2800 confirms a bearish continuation. A dip to 1.2778/1.2700 is possible. USDCAD hits an intraday high of 1.2027 and is currently trading around 1.28670.
The near-term resistance is around 1.2935, any breach above targets 1.2965/1.3000/ 1.3080.
Indicators (4 Hour chart)
CCI (50)- Bearish
It is good to buy on dips around 1.2850 with SL around 1.2800 for TP of 1.3000.