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Significant Resistance - 1.2705
USDCAD gained more than 150 pips from a low of 1.24531 on rising risk aversion. The fears of a Russian attack on Ukraine are putting pressure on commodities currencies . Canadian retail sales surged to 0.70% in Nov compared to an estimate of 1.2%. The chance of a rate hike by the Bank of Canada on the Jan 26th policy meeting has increased. USDCAD hits a high of 1.27019 and currently trading around 1.26480.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and below long-term ( 200 MA) in the 4- hour chart.
ADX- Bullish
CCI (50) and Woodies CCI above zero line.
Resistance to be watched- 1.2705, 1.2760, and 1.2800.
Support- 1.2660, 1.2600, 1.2500.
It is good to sell on rallies around 1.2718-20with SL around 1.2765 for a TP of 1.2500.
