Significant Resistance - 1.2730
USDCAD gained sharply after BOC and fed monetary policy. The bank of Canada has kept its rates unchanged at 0.25% and signaled a rate hike in the coming months to tackle higher inflation. The slight policy divergence between the US fed and Bank of Canada is supporting the pair at lower levels. USDCAD hits a high of 1.27250 and currently trading around 1.27171.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) in the 4- hour chart.
ADX- Bullish
CCI (50) and Woodies CCI above zero line.
Resistance to be watched- 1.2730, 1.2760, and 1.2800.
Support- 1.2660, 1.2600, 1.2500.
It is good to buy on dips around 1.2678-80 with SL around 1.2638 for a TP of 1.2800.
