Intraday bias - Bullish
USDCAD trades flat after forming a minor top around 1.30834. Markets eye US CPI data and BOC monetary policy today for further direction. The recession risks and policy divergence between US Fed and BOC support the US dollar at lower levels. US dollar index pared some of its gains on profit booking. Any surge above 108.56 confirms further bullishness. Technically in the 4 -Hour chart, the pair is holding above the short-term( 21- EMA), 55- EMA, and the long-term moving average of 200 EMA (1.28814). Any violation below 1.2980 confirms the intraday bearish trend. A dip to 1.2960/1.2920 is possible. USDCAD hits an intraday high of 1.30304 and is currently trading around 1.30262.
WTI crude oil price lost more than 10%this week on recession fear. Any breach below $95 confirms further bearishness.
The near-term resistance is around 1.3050, any breach above targets 1.3085/1.3150.
Indicators (4 Hour chart)
CCI (50)- Bullish
ADX- bullish
It is good to buy on dips around 1.3000 with SL around 1.2960 for TP of 1.3085/1.310.
