Intraday bias - Bearish
USDCAD is trading weak for the third consecutive day on board-based US dollar selling. Fed Governor Christoper Waller told an audience at an economic conference that a 75 bpbs hike is huge. Technically in the 4 -Hour chart, the pair is holding below the short-term( 21- EMA), 55- EMA, and above the long-term moving average of 200 EMA (1.29159). Any close below 1.2920 confirms the intraday bearish trend. A dip to 1.2830/1.2800 is possible. USDCAD hits a low of 1.29350 and is currently trading around 1.29425.
WTI crude oil price gained nearly 15% from a minor bottom of $90.54 on supply concerns. Any break above $105.20 confirms further bullishness.
The near-term resistance is around 1.2965, any breach above targets 1.3000/1.3050/1.3085.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to sell on rallies around 1.2968-70 with SL around 1.3000 for TP of 1.2835.
