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Intraday bias - Bullish
USDCAD regained sharply on board-based US dollar buying. The weak Canadian economic data and declining crude oil prices put pressure on the Canadian dollar at higher levels. Manufacturing sales fell 0.80% in June compared to a forecast of -0.70%. 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 (1.28694). Any close below 1.28650 confirms the intraday bearish trend. A dip to 1.2800/1.2760/1.2720 is possible. USDCAD hits a high of 1.29285 at the time of writing and is currently trading around 1.29007.
WTI crude oil continues to trade for the past two days on the recession worries. Any breach below $86 confirms further bearishness.
The near-term resistance is around 1.2930, any breach above targets 1.2965/1.3000/1.3080.
Indicators (4 Hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 1.2858-60 with SL around 1.2800 for TP of 1.3000.
